Midday Report
Until now, we can see a candlestick without real body reflecting the technical hesitation around the pivotal resistance areas of 1603.00 where the metal is battling right now after placing 1613.00 as the recorded high for the previous session trading. In the interim, the four-hour interval continues showing the negative divergence on Stochastic while the bigger time frames' indicators are positive. Thereby, we keep our neutral stance unchanged for the rest of the day, while any setback below 1582.00 will trigger panic sell-off actions.
The trading range for today is among the key support at 1533.00 and key resistance now at 1640.00.
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 | 1596.00 | 1590.00 | 1582.00 | 1575.00 | 1559.00 |
| Resistance | 1607.00 | 1615.00 | 1628.00 | 1635.00 | 1640.00 |
| 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 rebounded to the upside after reaching areas around the support level of 29.05, which also represents the harmonic pattern’s first target. Consolidation above the mentioned first target, which represents 38.2% Fibonacci correction of the CD leg of the bullish Bat harmonic pattern, suggests testing the pattern’s second target, which represents 61.8% Fibonacci correction at 30.80. Therefore, our morning expectations remain as they are.
The trading range for today is among the key support at 27.10 and key resistance now at 30.85.
The short-term trend is to the downside targeting 26.65 as far as areas of 48.50 remain intact.
**New York Candlesticks**
| Support | 29.05 | 28.85 | 28.10 | 27.50 | 27.10 |
| Resistance | 29.90 | 30.30 | 30.55 | 30.85 | 31.00 |
| Recommendation | Based on the charts and explanations above, our opinion is buying silver above 29.10, and take profit in stages at (30.30 and 30.80) and stop loss with 4-hour closing below 28.10 might be appropriate | ||||
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