Midday Report
In the early morning, the metal extended its recovery towards 88.6% Fibonacci of the entire downside rally from 1640.00 to the former low of 1522.00, but the bearishness started from there has activated a clear bearish sign on Stochastic. The candlestick structure and the negativity of momentum indicator are reasons that may cause more weakness, but stability above 1603.00 prevent us from suggesting bearish direction for the time being. Thus, we will continue watching out the price behaviors for the rest of the day; noting that, a break below 1603.00 will cause a sharp drop.
The trading range for today is among the key support at 1533.00 and key resistance now at 1653.00.
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 | 1607.00 | 1603.00 | 1590.00 | 1582.00 | 1575.00 |
| Resistance | 1620.00 | 1628.00 | 1635.00 | 1645.00 | 1653.00 |
| Recommendation | Based on the charts and explanations above our opinion is, staying aside until a clearer technical setup presents itself to pinpoint the upcoming big move. | ||||
Silver
Midday Report
Silver reaches now 29.05, which represents the first target of the bullish Bat harmonic pattern. The metal is significantly unstable below this level, and therefore we still expect silver to achieve the second target of the pattern, which represents 61.8% Fibonacci correction of the CD leg at 30.80. Therefore, our morning expectations remain as they are.
The trading range for today is among the key support at 28.10 and key resistance now at 31.30.
The short-term trend is to the downside targeting 26.65 as far as areas of 48.50 remain intact.
**New York Candlesticks**
| Support | 28.85 | 28.10 | 27.50 | 27.10 | 26.65 |
| Resistance | 29.90 | 30.30 | 30.55 | 30.85 | 31.00 |
| Recommendation | Our morning expectations remain valid | ||||
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