Midday Report
The metal pulled back slightly this morning in an attempt to retest the breached support area among 1665.00-1675.00. No major changes since morning and we continue to expect further decline within the upcoming period. Thus, our morning scenario remains valid.
The trading range for today is among the key support at 1575.00 and key resistance now at 1680.00.
The general trend over the short term basis is to the upside targeting 1945.00 per ounce as far as areas of 1475.00 remain intact with weekly closing.
| Support | 1620.00 | 1600.00 | 1575.00 | 1535.00 | 1500.00 |
| Resistance | 1650.00 | 1675.00 | 1687.00 | 1695.00 | 1703.00 |
| Recommendation | Based on the charts and explanations above our opinion is, selling gold around 1665.00 targeting 1620.00 and 1575.00, stop loss above 1703.00 might be appropriate. | ||||
Silver
Midday Report
The metal is pushing to the downside testing the support level around 30.55-30.60 several times this morning, we continue to anticipated further decline following a breach below this support area, thus, our morning scenario remains valid for the rest of the day.
The trading range for today is among the key support at 28.40 and key resistance now at 33.05.
The short-term trend is to the downside targeting 26.65 as far as areas of 48.50 remain intact.
**New York Candlesticks**
| Support | 30.50 | 30.00 | 29.60 | 29.10 | 28.60 |
| Resistance | 31.20 | 31.60 | 32.10 | 32.60 | 32.95 |
| Recommendation | Based on the charts and explanations above our opinion is, selling silver with four-hour closing below 30.60 targeting 29.90 and 28.35, stop loss with-four hour closing above 31.60 might be appropriate. | ||||
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