Midday Report
Having a look at the secondary image of the four-hour interval will show you how the metal is struggling below the previously broken uptrend line which can be described as a correctional trend line. Actually, the metal is moving within a very tight range after yesterday's violent declines but anyway, we hold onto our bearish predictions for the rest of the day, while breaching through 1603.00 is urgently required to confirm resuming the downside wave below the extended technical objective of bearish AB=CD harmonic pattern. Conversely, areas of 1640.00 should act as ceiling for our scenario.
The trading range for today is among the key support at 1533.00 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 | 1603.00 | 1590.00 | 1582.00 | 1575.00 | 1559.00 |
| Resistance | 1615.00 | 1620.00 | 1628.00 | 1635.00 | 1645.00 |
| Recommendation | Based on the charts and explanations above our opinion is, selling gold below 1603.00 targeting 1540.00 and stop loss above 1645.00 might be appropriate. | ||||
Silver
Midday Report
The level of 29.70 was able to stop the metal’s positive momentum, where silver decline sharply after reaching this level today. Our morning expectations remain as they are supported by the rising wedge pattern and trading within the scope of the descending channel.
The trading range for today is among the key support at 27.10 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 | 29.05 | 28.85 | 28.60 | 28.10 | 27.50 |
| Resistance | 29.70 | 29.90 | 30.30 | 30.55 | 30.85 |
| Recommendation | Our morning expectations remain valid | ||||
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