Midday Report
Moving to the four-hour chart, we can define a potential bearish classical pattern along with a confirmed breakout below the lower line -support- of this pattern. Thereby, we will change our neutral stance to suggest a possible bearishness that will be confirmed with a break below 1628.00 zones. Parabolic SAR is covering the bearishness; whilst Stochastic and Vortex are also negative. Conversely, areas of 1665.00 -check the morning report for more details about the importance of 1665.00- should hold to protect the awaited bearish wave over intraday basis.
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 | 1635.00 | 1628.00 | 1615.00 | 1607.00 | 1602.00 |
| Resistance | 1653.00 | 1665.00 | 1673.00 | 1687.00 | 1695.00 |
| Recommendation | Based on the charts and explanations above our opinion is, selling gold carefully around 1652.00 targeting 1607.00 and stop loss above 1670.00 might be appropriate. | ||||
Silver
Midday Report
The decline seen reduced the negativity on Stochastic, while RSI is still above the 50-point level. These factors in addition to consolidation above 29.60 support our positive expectations to remain as they are, and the Deep Crab harmonic pattern to remain valid. But, we should pay attention to the conditions mentioned in our morning report.
The trading range for today is among the key support at 29.05 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 | 30.30 | 29.90 | 29.60 | 29.05 | 28.85 |
| Resistance | 30.55 | 30.85 | 31.00 | 31.30 | 31.60 |
| Recommendation | Our morning expectations remain valid | ||||
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