Midday Report
The metal is trapped within a tight range above the pivotal support of 1603.00 while Stochastic is still negative. At the same time, we can see a bearish tendency appearing on Vortex, but it will not activate a clear bearish signal unless we witness a breakout below the aforementioned level. In general, the CD leg of the potential Crab pattern-colored in grey- is still under formation as far as 1660.00 remains intact but we prefer seeing the metal below 1650.00 during upcoming sessions.
The trading range for today is among the key support at 1559.00 and key resistance now at 1650.00.
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 | 1650.00 |
| Recommendation | Based on the charts and explanations above our opinion is, selling gold below 1603.00 targeting 1533.00 and stop loss above 1650.00 might be appropriate. | ||||
Silver
Midday Report
Silver attempts now to settle above 29.05 in order to support the return of the positivity. But, the negativity seen on Stochastic could be an obstacle facing the metal. In general, the bullish Bat harmonic pattern is still valid, and consolidation above 26.05 supports the return of the upside move, while stability above 27.10 strengthens our outlook. Therefore, our weekly expectations remain as they are.
The trading range for this week is among the key support at 23.40 and key resistance now at 31.25.
The short-term trend is to the downside targeting 20.05 as far as areas of 38.00 remain intact.
**New York Candlesticks**
| Support | 28.60 | 28.10 | 27.60 | 27.10 | 26.90 |
| Resistance | 29.05 | 29.70 | 30.30 | 30.85 | 31.25 |
| Recommendation | Based on the charts and explanations above, our opinion is buying silver above 27.60, and take profit in stages at (28.10 and 29.05) and stop loss with 4-hour closing below 26.05 might be appropriate | ||||
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