Midday Report
Gold rebounded this morning, while Stochastic is attempting to gather bullish momentum again within oversold area. The overall bearishness is expected to resume soon however we expect high volatility within the coming period, thus our morning scenario continues to be valid.
The trading range for today is among the key support at 1530.00 and key resistance now at 1620.00.
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 | 1565.00 | 1550.00 | 1530.00 | 1505.00 | 1480.00 |
| Resistance | 1580.00 | 1600.00 | 1625.00 | 1660.00 | 1675.00 |
| Recommendation | Based on the charts and explanations above our opinion is, selling gold around 1620.00 targeting 1575.00 and 1530.00, stop loss above 1650.00 might be appropriate. | ||||
Silver
Midday Report
The metal is attempting to rebound , where we may see a retest of the breached support areas soon affected by the oversold conditions on Momentum indicators, a technical retest of the previously breach support is a usual and healthy technical practice that supports our overall bearish expectations. Due to the expected volatility we have changed our daily recommendation.
The trading range for today is among the key support at 26.00 and key resistance now at 30.55.
The short-term trend is to the downside targeting 26.65 as far as areas of 48.50 remain intact.
**New York Candlesticks**
| Support | 28.50 | 28.00 | 27.50 | 27.10 | 26.40 |
| Resistance | 29.20 | 29.90 | 30.55 | 31.00 | 31.30 |
| Recommendation | Based on the charts and explanations above our opinion is, selling silver around 29.80 targeting 29.00 ,28.10 and 26.00 , stop loss with-four hour closing above 30.65 might be appropriate. | ||||
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