Midday Report
The metal couldn’t hit our previous determined sensitive resistance around 1650.00 where it started to move downwards. Vortex continued reflecting a bullish tendency while Stochastic is within overbought zones. The CD leg of the possible Crab pattern may continue as far as 1665.00 remains intact, but the conflicting signs on momentum and trend indicators force us to stay aside for the rest of the day. Ultimately, breaching 1603.00 will trigger panic sell-off actions.
The trading range for today is among the key support at 1582.00 and key resistance now at 1702.00.
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 | 1620.00 | 1615.00 | 1607.00 |
| Resistance | 1645.00 | 1653.00 | 1665.00 | 1673.00 | 1687.00 |
| 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 on the 4-hour interval, we find that silver could have formed a deep crab harmonic pattern. This pattern could be completed as long as silver is stable above the top of the suggested (B) point at 29.74. Consolidation above the mentioned level and a breach of the level of 30.20 with 4-hour closing below it could support the upside move to extend further. A breach of the level of 28.50 should negate the harmonic pattern and negate the suggested bullish wave.
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 | 29.70 | 29.40 | 29.05 | 28.85 | 28.50 |
| Resistance | 30.30 | 30.55 | 30.85 | 31.00 | 31.30 |
| Recommendation | Based on the charts and explanations above, our opinion is buying silver above 29.70, and take profit in stages at (30.80 and 31.30) and stop loss with 4-hour closing below 28.50 might be appropriate | ||||
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