Midday Report
The current upside move couldn't change the bearishness on Stochastic and Vortex indicators as seen on the provided daily graph. Actually, we still classify the current move as a technical preparation to clear the pivotal support of 1603.00 on the way to form the CD leg of our suggested harmonic Crab pattern. The bearishness may start sooner; noting that breaching through 1650.00 will give us a reason for pause while taking 1665.00 will negate.
The trading range for today is among the key support at 1559.00 and key resistance now at 1665.00.
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 | 1620.00 | 1615.00 | 1607.00 | 1603.00 | 1590.00 |
| Resistance | 1628.00 | 1635.00 | 1645.00 | 1650.00 | 1665.00 |
| 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
The metal could form an inverse head and shoulders pattern in addition to the Bullish Bat harmonic pattern and the stability above 29.05, where this classic pattern supports the extension of the bullish targets of the harmonic pattern. Therefore, we expect an upside move to control the pair’s movement, but we expect the targets to extend at least towards 78.6% Fibonacci correction of the CD leg of the pattern. Consolidation above 27.10 is necessary for our expectations to prevail in general, while today stability above 28.10 is required.
The trading range for today is among the key support at 27.10 and key resistance now at 32.10.
The short-term trend is to the downside targeting 20.05 as far as areas of 38.00 remain intact.
**New York Candlesticks**
| Support | 29.40 | 29.05 | 28.85 | 28.40 | 28.10 |
| Resistance | 29.90 | 30.30 | 30.55 | 30.85 | 31.25 |
| Recommendation | Based on the charts and explanations above, our opinion is buying silver above 29.30, and take profit in stages at (30.30, 30.80 and 31.60) and stop loss with 4-hour closing below 28.40 might be appropriate | ||||
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