Midday Report
In addition to the negative crossover on Stochastic, we could have been able to catch a negative divergence as seen on the provided daily chart. Actually, the metal didn't show any big move since morning; thus, we hold onto our bearish predictions waiting for a sustained breakout below 1628.00 to confirm resuming the CD leg of the suggested Crab pattern. Conversely, areas of 1665.00 –B point- should be the ceiling otherwise the pattern will fail.
The trading range for today is among the key support at 1596.00 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 | 1635.00 | 1628.00 | 1620.00 | 1615.00 | 1607.00 |
| Resistance | 1650.00 | 1653.00 | 1665.00 | 1673.00 | 1687.00 |
| Recommendation | Based on the charts and explanations above our opinion is, selling gold below 1628.00 targeting 1573.00 and stop loss above 1665.00 might be appropriate. | ||||
Silver
Midday Report
Silver is trading narrowly in areas between 38.2% and 61.8% Fibonacci corrections of the CD leg of the bullish Bat harmonic pattern. RSI is positive, which drives us to expect the metal to provide more bullish attempts today, but heavy fluctuations and downside corrections are possible affected by the negativity seen on Stochastic.
The trading range for this week is among the key support at 24.75 and key resistance now at 32.10.
The short-term trend is to the downside with steady weekly closing below 38.00 targeting 20.05.
**New York Candlesticks**
| Support | 29.05 | 28.60 | 28.10 | 27.60 | 27.10 |
| Resistance | 30.30 | 30.50 | 30.85 | 31.25 | 31.80 |
| Recommendation | Based on the charts and explanations above, we remain neutral due to the high risk associated to our expectations | ||||
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