Midday Report
Normal and expected consolidation is presently witnessed due to the previous hinted oversold sign on Stochastic as seen on the provided daily graph. But, we still see chances for resuming the downside move after relieving momentum indicator since the metal is still affected by our efficient caught bearish harmonic AB=CD pattern and the extended technical objectives are still in progress after taking 76.4% Fibonacci of CD leg earlier. A break of 1582.00 will accelerate declines. We recommend reviewing the weekly report for more details about the aforementioned pattern
The trading range for today is among the key support at 1550.00 and key resistance now at 1635.00.
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 | 1590.00 | 1582.00 | 1575.00 | 1559.00 | 1549.00 |
| Resistance | 1600.00 | 1607.00 | 1615.00 | 1620.00 | 1628.00 |
| Recommendation | Based on the charts and explanations above our opinion is, selling gold around 1610.00 targeting 1533.00 and stop loss above 1655.00 might be appropriate. | ||||
Silver
Midday Report
Silver reached the resistance level of 29.15 from below without providing attempts to settle above this level. This move drives us to hold onto our negative expectations as they are, where consolidation below this resistance is essential to keep the rising wedge pattern effective. Stochastic attempts to provide negative crossover, which could confirm our expectations.
The trading range for this week is among the key support at 26.00 and key resistance now at 32.95.
The short-term trend is to the downside targeting 26.65 as far as areas of 48.50 remain intact.
**New York Candlesticks**
| Support | 28.60 | 28.10 | 27.60 | 27.15 | 26.90 |
| Resistance | 29.15 | 29.70 | 30.30 | 30.85 | 31.25 |
| Recommendation | Our morning expectations remain valid | ||||
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