Midday Report
The metal started to lose momentum after reaching areas around the critical resistance of the downside movement, where consolidation below this resistance at 1735.00 suggests that gold could provide another bearish attempt today. Stochastic is negative, which supports our expectations.
The trading range for today is among the key support at 1670.00 and key resistance now at 1794.00.
The short-term trend is to the upside with steady weekly closing above 1475.00 targeting 1945.00.
| Support | 1724.00 | 1718.00 | 1711.00 | 1706.00 | 1700.00 |
| Resistance | 1735.00 | 1742.00 | 1750.00 | 1754.00 | 1763.00 |
| Recommendation | Our morning expectations remain valid | ||||
Silver
Midday Report
The upside move started to weaken after the metal reached areas around the resistance of 33.75, where silver reversed to the downside, while Stochastic is negative and within overbought areas. Our morning expectations remain valid, noting that consolidation below 34.40 and 34.65 is necessary for our expectations to prevail.
The trading range for today is among the key support at 31.00 and key resistance now at 35.70.
The short-term trend is to the downside with steady weekly closing below 38.00 targeting 20.05.
| Support | 33.40 | 33.20 | 33.00 | 32.80 | 33.45 |
| Resistance | 33.75 | 34.00 | 34.25 | 34.40 | 34.65 |
| Recommendation | Based on the charts and explanations above, our opinion is selling silver below 33.75, and take profit in stages at (32.80, 32.10 and 31.00) and stop loss with 4-hour closing above 34.40 might be appropriate | ||||
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