Midday Report
Reviewing the morning report will show you that we have drawn a small arrow to the upside suggesting a potential slight recovery from the important Fibonacci level of 76.4% of CD leg for the bearish harmonic AB=CD pattern. Overall, the candlestick structures remain bearish; particularly, after breaching the initial support -turned into resistance- at 1703.00. Thereby, we keep our morning scenario intact for the rest of the day, mainly targeting 100% Fibonacci of CD leg at 1603.00 zones.
The trading range for today is among the key support at 1575.00 and key resistance now at 1703.00.
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 | 1650.00 | 1642.00 | 1635.00 | 1627.00 | 1610.00 |
| Resistance | 1665.00 | 1673.00 | 1687.00 | 1695.00 | 1703.00 |
| Recommendation | Our morning expectations remain valid. | ||||
Silver
Midday Report
The incline seen now is only a normal correction, where the metal is still affected by the bearish technical structure. Consolidation below 32.10 is required for our negative expectations to prevail today, while stability below 32.95 is necessary is required in general to confirm the negative outlook.
The trading range for today is among the key support at 29.55 and key resistance now at 33.05.
The short-term trend is to the downside targeting 26.65 as far as areas of 48.50 remain intact.
**New York Candlesticks**
| Support | 31.20 | 30.95 | 30.50 | 30.30 | 30.00 |
| Resistance | 31.60 | 32.10 | 32.60 | 32.95 | 33.05 |
| Recommendation | Our morning expectations remain valid | ||||
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