Midday Report
Gold continued moving upwards and started to attack the initial resistance of 1650.00 where an important Fibonacci level exists. Stochastic also continued moving inside overbought areas despite the upside momentum appearing on it. We will stay aside for the rest of the day unless the metal takes B point of the suggested harmonic structure. Clearing 1665.00 with a daily closing will offer a buying opportunity, but achieving a breakout below 1628.00 will threaten 1603.00 again.
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 | 1645.00 | 1635.00 | 1628.00 | 1620.00 | 1615.00 |
| Resistance | 1665.00 | 1673.00 | 1687.00 | 1695.00 | 1702.00 |
| 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 approaches the level of 30.80, mentioned in our previous reports published this week. The upside move is supported by forming the CD leg of the deep crab harmonic pattern mentioned in our morning report and also affected by the bullish Bat harmonic pattern shown above on the chart. Now, silver reached the mentioned resistance level, and now we should pay attention, where the level of 30.80 is a critical barrier that separates between reaching 32.10 and 32.75 levels or going through a downside correction.
The trading range for today is among the key support at 27.10 and key resistance now at 32.75.
The short-term trend is to the downside targeting 26.65 as far as areas of 48.50 remain intact.
**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 | 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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