Midday Report
Tranquility dominated the market movements where the smaller time frames showed oversold signals on momentum indicators. We still see the negative sign on Stochastic over daily basis that could beat the aforesaid oversold signal over smaller intervals. Thereby, our bearish outlook remains valid; noting that intraday traders should be careful since sudden and fast rallies might be witnessed due to the lack of liquidity during this period.
The trading range for today is among the key support at 1549.00 and key resistance now at 1628.00.
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 | 1603.00 | 1607.00 | 1615.00 | 1628.00 | 1635.00 |
| Recommendation | Based on the charts and explanations above our opinion is, selling gold around 1602.00 targeting 1533.00 and stop loss above 1646.00 might be appropriate. | ||||
Silver
Midday Report
Silver is still moving below 29.25 zones, while being covered by SMA 50 as seen on the provided four-hour chart. Therefore, there is room for further bearishness towards the rising wedge technical objective at 26.70. A break of 29.70 levels will slow the awaited downside wave.
The trading range for today is among the key support at 27.50 and key resistance now at 30.30.
The short-term trend is to the downside targeting 26.65 as far as areas of 48.50 remain intact.
| Support | 28.60 | 28.40 | 28.10 | 27.90 | 27.50 |
| Resistance | 29.35 | 29.70 | 30.0.00 | 30.30 | 30.85 |
| Recommendation | Based on the charts and explanations above our opinion is, selling silver around 29.25 targeting 26.70 and stop loss above 30.85 might be appropriate. | ||||
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