Midday Report
The metal has achieved a technical try to take the pivotal resistance areas of 1665.00 -B levels of the proposed Crab pattern- but it couldn’t despite the positivity of trend and momentum indicators over daily studies. On the contrary, Stochastic over four-hour time scale has overlapped negatively as we expected this morning while a potential bearish classical pattern is looking for a level to be completely formed. Since we depended on the daily chart, we will continue watching the price behaviors awaiting the closing below or above 1665.00.
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 | 1655.00 | 1650.00 | 1645.00 | 1635.00 | 1628.00 |
| Resistance | 1669.00 | 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 still attempts to breach the level of 30.85, but so far the metal didn’t breach this level. We still expect an upside move, but the overbought signs seen on Stochastic could trigger heavy fluctuations and maybe downside corrections, before completing the formation of the suggested CD leg.
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 | 30.50 | 30.30 | 29.90 | 29.5 | 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 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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