Midday Report
Not only Stochastic over daily basis which shows the bearish tendency, but also Stochastic over four-hour time scale as seen on the secondary image. We should witness a breakout below the initial intraday support of 1603.00 to confirm resuming the downside wave, targeting 127.2% of CD leg. On the upside, areas of 1640.00 should hold to keep our proposed scenario valid.
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
Silver is still biased to the downside, while Stochastic is negative, where the negative crossover seen on the indicator sent it below the 50-point level. The rising wedge pattern and the descending channel are affecting the metal negatively and significantly due to consolidation below the resistance at 29.70. These factors drive us to hold onto our morning expectations as they are.
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 | Based on the charts and explanations above, our opinion is selling silver around 29.70, and take profit in stages at (28.60 and 27.50) and stop loss with 4-hour closing above 30.85 might be appropriate |
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