Midday Report
The metal is presently facing two hard technical obstacles as follows:
- SMA 50 –colored in red-
- The solid resistance around 1665.00 where B point of the suggested harmonic Crab pattern exists.
Thereby, we are not sure if gold will take the aforesaid level to damage the harmonic probability or it will move once more to the downside. Ultimately, today's closing is very important and will define the upcoming big move. Remember, sometimes staying aside is a position.
The trading range for today is among the key support at 1607.00 and key resistance now at 1703.00.
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 | 1653.00 | 1650.00 | 1645.00 | 1635.00 | 1628.00 |
| Resistance | 1665.00 | 1673.00 | 1687.00 | 1695.00 | 1703.00 |
| Recommendation | Based on the charts and explanations above our opinion is, staying aside as risk versus reward ratio is too high today. | ||||
Silver
Midday Report
As shown above on the 4-hour interval, we find that the Deep Crab harmonic pattern is still under formation. Consolidation above 29.65 with 4-hour closing confirmed that silver could extend the upside move and the metal could also provide more attempts to breach the level of 30.80 in order to extend the upside move further in the coming period.
The trading range for today is among the key support at 28.10 and key resistance now at 32.75.
The short-term trend is to the downside with steady weekly closing below 38.00 targeting 20.05.
**New York Candlesticks**
| Support | 30.30 | 29.90 | 29.60 | 29.05 | 28.85 |
| Resistance | 30.85 | 31.00 | 31.30 | 31.60 | 32.10 |
| Recommendation | Based on the charts and explanations above, our opinion is buying silver above 30.30, and take profit in stages at (31.30 and 32.10) and stop loss with 4-hour closing below 29.60 might be appropriate | ||||
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