Midday Report
Gold continued fluctuating within a very tight range below SMA 50 -colored in red- and below the pivotal resistance areas of 1665.00 -B levels- which represent risk levels for the harmonic Crab pattern. A break of 1665.00 will damage the harmonic overview; whilst taking 1628.00 will send the metal lower towards 1603.00 to resume the CD leg rally.
The trading range for today is among the key support at 1607.00 and key resistance now at 1687.00.
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 | 1650.00 | 1645.00 | 1635.00 | 1628.00 | 1615.00 |
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
Silver is fluctuating heavily, yet it is stable in areas around 30.30, which suggests completing the formation of the CD leg of the Deep Crab harmonic pattern. Therefore, our morning expectations remain valid. Consolidation above 29.60 is essential to fulfill our expectations. Stochastic and RSI are attempting to show positivity.
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 48.50 targeting 26.65.
**New York Candlesticks**
Support | 29.90 | 29.60 | 29.05 | 28.85 | 28.10 |
Resistance | 30.30 | 30.85 | 31.00 | 31.30 | 31.60 |
Recommendation | Based on the charts and explanations above, our opinion is buying silver above 29.90, and take profit in stages at (30.85 and 32.10) and stop loss with 4-hour closing below 28.85 might be appropriate |
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