Midday Report
We added Vortex indicator -trend indicator- to our morning graph, where we can notice the strong bearish sign appearing on it. We hold onto our bearish predictions for the rest of the day, supported by the main bearish harmonic AB=CD pattern; noting that a break of the current levels around 1582.00 will accelerate declines towards the extended targets of our pattern at 127.2% Fibonacci projection of CD leg.
The trading range for today is among the key support at 1533.00 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 | 1575.00 | 1559.00 | 1549.00 | 1533.00 | 1525.00 |
| Resistance | 1589.00 | 1595.00 | 1603.00 | 1607.00 | 1615.00 |
| Recommendation | Based on the charts and explanations above our opinion is, selling gold around 1592.00 targeting 1533.00 and stop loss above 1635.00 might be appropriate. | ||||
Silver
Midday Report
The metal continued its bearish tendency under the negative pressure of SMA 50 and the major rising wedge pattern which continued proving its accuracy as seen on the provided four-hour graph. Areas of 26.70 are under our technical microscope now as the technical objectives of the classical pattern reside there.
The trading range for today is among the key support at 26.70 and key resistance now at 30.50.
The short-term trend is to the downside targeting 26.65 as far as areas of 48.50 remain intact.
| Support | 28.40 | 28.10 | 27.90 | 27.50 | 26.70 |
| Resistance | 28.90 | 29.35 | 29.70 | 30.00 | 30.30 |
| Recommendation | Based on the charts and explanations above our opinion is, selling silver around 28.75 targeting 26.70 and stop loss above 29.70 might be appropriate. | ||||
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