Midday Report
Once more, gold succeeded in drawing a negative crossover on Stochastic over four-hour interval after re-touching the correctional level of 88.6% for the downside wave from 1640.00 to 1522.00. Furthermore, some kind of negativity appeared on the candlesticks structure and it may help the metal to continue drawing the bearish harmonic formation on Stochastic of the daily studies. We can't rely on the above discussed bearish factors to suggest bearish direction as stability above 1603.00 is very danger for bears. Thereby, our outlook remains neutral for the rest of the day until an actionable setup appears to clarify the next move.
The trading range for today is among the key support at 1559.00 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 | 1615.00 | 1607.00 | 1603.00 | 1590.00 | 1582.00 |
| Resistance | 1628.00 | 1635.00 | 1645.00 | 1653.00 | 1665.00 |
| Recommendation | Based on the charts and explanations above our opinion is, staying aside until a clearer technical setup presents itself to pinpoint the upcoming big move. | ||||
Silver
Midday Report
Silver is stable above 29.05, therefore our morning expectations remain as they are, where according to the harmonic analysis, consolidation above the first target of the bullish Bat harmonic pattern suggests reaching the pattern’s second target.
The trading range for today is among the key support at 27.10 and key resistance now at 31.30.
The short-term trend is to the downside targeting 26.65 as far as areas of 48.50 remain intact.
**New York Candlesticks**
| Support | 29.05 | 28.85 | 28.10 | 27.50 | 27.10 |
| Resistance | 29.90 | 30.30 | 30.55 | 30.85 | 31.00 |
| Recommendation | Based on the charts and explanations above, our opinion is buying silver above 29.05, and take profit in stages at (30.30 and 30.80) and stop loss with 4-hour closing below 28.10 might be appropriate | ||||
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