Midday Report
The metal is still struggling around the initial resistance areas -previous support- around 1603.00-1605.00 as seen on the provided daily graph. The current mild upside correction is seen as healthy price behavior to relieve momentum indicator as Stochastic remains bullish, but we see chances for resuming the bearish trend of the harmonic structure sooner and all what we need is a breakout below 1582.00 zones to make sure that more extended for the CD leg of the AB=CD pattern targets will be reached.
The trading range for today is among the key support at 1550.00 and key resistance now at 1653.00.
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 | 1596.00 | 1590.00 | 1582.00 | 1575.00 | 1559.00 |
| Resistance | 1607.00 | 1615.00 | 1620.00 | 1628.00 | 1635.00 |
| Recommendation | Our morning expectations remain valid. | ||||
Silver
Midday Report
Silver is currently inclining, but this incline is still limited in area below 29.70. The negativity could return later since the metal is unable to settle above the mention level. But on the other hand, trading below 29.15 again could confirm our negative outlook.
The trading range for today is among the key support at 26.00 and key resistance now at 31.00.
The short-term trend is to the downside targeting 26.65 as far as areas of 48.50 remain intact.
**New York Candlesticks**
| Support | 29.15 | 28.85 | 28.60 | 28.10 | 27.50 |
| Resistance | 29.70 | 29.90 | 30.30 | 30.55 | 31.00 |
| Recommendation | Our morning expectations remain valid | ||||
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