Midday Report
Gold moved with a mild bearish tendency that assisted Stochastic to overlap negatively as seen on the provided daily graph. As for now, we will depend on this sign to suggest potential downside move as far as 1665.00 "B" point remains intact. Actually, a break below 1628.00 could make it stronger and may weaken the main support areas around 1603.00 zones. To conclude, 1665.00 should be the ceiling for the CD leg of the possible Crab pattern and a break of which will negate the technical prospect of resuming the aforesaid leg of the pattern.
The trading range for today is among the key support at 1582.00 and key resistance now at 1702.00.
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 | 1635.00 | 1628.00 | 1620.00 | 1615.00 | 1607.00 |
| Resistance | 1645.00 | 1650.00 | 1653.00 | 1665.00 | 1673.00 |
| Recommendation | Based on the charts and explanations above our opinion is, selling gold cautiously below 1628.00 targeting 1565.00 and stop loss above 1665.00 might be appropriate. | ||||
Silver
Midday Report
Silver is moving sideways, affected by the stability above the first target of the bullish bat harmonic pattern and below the second target of the pattern. Furthermore, RSI is still positive and trading positively above the 50-point level, while Stochastic attempts to provide a negative crossover. Therefore, we remain neutral for the rest of the session today.
The trading range for today is among the key support at 27.10 and key resistance now at 32.75.
The short-term trend is to the downside targeting 26.65 as far as areas of 48.50 remain intact.
**New York Candlesticks**
| Support | 29.60 | 29.05 | 28.85 | 28.10 | 27.50 |
| Resistance | 30.30 | 30.55 | 30.85 | 31.00 | 31.30 |
| Recommendation | Based on the charts and explanations above, we remain neutral due to the high risk associated to our expectations | ||||
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