Midday Report
Gold continues trading bullishly due to the positivity appearing on Stochastic. In the interim, Vortex attempts to shuffle its negativity, but stabilizing below the pivotal resistance level of 1603.00 may prevent it. We hold onto our neutral stance unless we witness a daily closing above 1603.00 as that could be an indication that, the bearishness was limited at 1522.00 and more upside movements could be witnessed over upcoming period. On the downside, clearing 1550.00 will bring the negativity back into focus.
The trading range for today is among the key support at 1522.00 and key resistance now at 1635.00.
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 | 1573.00 | 1565.00 | 1550.00 | 1533.00 | 1522.00 |
| Resistance | 1596.00 | 1603.00 | 1607.00 | 1615.00 | 1628.00 |
| Recommendation | Based on the charts and explanations above our opinion is, staying aside until an actionable setup presents itself to pinpoint the upcoming big move. | ||||
Silver
Midday Report
Silver is trading positively affected by the bullish Bat harmonic pattern, where we can see Stochastic and the Relative Strength index are positive. Therefore, our morning expectations remain as they are especially when the metal is stable above the support level of $28.10 per ounce.
The trading range for today is among the key support at 26.05 and key resistance now at 30.80.
The short-term trend is to the downside targeting 26.65 as far as areas of 48.50 remain intact.
**New York Candlesticks**
| Support | 28.10 | 27.50 | 27.10 | 26.65 | 26.05 |
| Resistance | 28.85 | 29.05 | 29.90 | 30.30 | 30.55 |
| Recommendation | Based on the charts and explanations above, our opinion is buying silver above 28.10, and take profit in stages at (29.05 and 30.80) and stop loss with 4-hour closing below 27.10 might be appropriate | ||||
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