Midday Report
Gold has slipped after achieving the expected breakout below the initial support of 1549.00-127.2%- of CD leg for the bearish harmonic AB=CD pattern. This breakout was the motive behind retouching the significant low of 1533.00 once more. Now, we believe that the final leg of the morning hinted new harmonic structure is in progress, targeting 1460.00 zones over upcoming sessions. Stochastic and Vortex are supporting our constructive bearish overview.
The trading range for today is among the key support at 1475.00 and key resistance now at 1603.00.
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 | 1533.00 | 1525.00 | 1515.00 | 1500.00 | 1480.00 |
| Resistance | 1549.00 | 1555.00 | 1562.00 | 1573.00 | 1587.00 |
| Recommendation | Based on the charts and explanations above our opinion is, selling gold around 1562.00 targeting 1480.00 and stop loss above 1604.00 might be appropriate. | ||||
Silver
Midday Report
Consolidation below 28.10 drives us to hold onto our negative expectations for the rest of the today. Stability below the mentioned level could sent the metal to retest areas around the bottom of 26.05, while a breach of this level could trigger more bearishness.
The trading range for today is among the key support at 23.40 and key resistance now at 29.70.
The short-term trend is to the downside targeting 26.65 as far as areas of 48.50 remain intact.
**New York Candlesticks**
| Support | 26.65 | 26.05 | 25.55 | 25.15 | 24.75 |
| Resistance | 27.15 | 27.50 | 28.10 | 28.60 | 28.85 |
| Recommendation | Based on the charts and explanations above, our opinion is selling silver around 27.15, and take profit in stages at (26.05 and 24.75) and stop loss with 4-hour closing above 28.10 might be appropriate | ||||
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