Midday Report
Gold is trading positively since the opening today, affected by the positivity seen on Stochastic, yet we are still waiting gold to settle around 1605.00 in order to continue the awaited bearishness. Therefore, our suggested morning scenario remains valid for the rest of the session today.
The trading range for today is among the key support at 1540.00 and key resistance now at 1620.00.
The short-term trend is to the upside targeting 1945.00 per ounce as far as areas of 1475.00 remain intact with weekly closing.
| Support | 1580.00 | 1565.00 | 1550.00 | 1540.00 | 1530.00 |
| Resistance | 1600.00 | 1625.00 | 1635.00 | 1660.00 | 1675.00 |
| Recommendation | Based on the charts and explanations above, our opinion is selling gold around 1605.00, and take profit at 1540.00 and stop loss with 4-hour closing above 1635.00 might be appropriate | ||||
Silver
Midday Report
As shown on the 4-hour interval, silver touched the resistance level at 29.70 from below, and now Stochastic is negative over 4-hour basis, which could support the return of the downside movement again. Consolidation below 30.85 is required over intraday basis for our expectations to remain valid.
The trading range for today is among the key support at 29.55 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 | 29.05 | 28.85 | 28.60 | 28.10 | 27.50 |
| Resistance | 29.90 | 30.30 | 30.55 | 31.00 | 31.60 |
| Recommendation | Our morning expectations remain valid | ||||
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