Midday Report
The metal is positively biased now affected by consolidation above 1763.00. We expect that any trading above this level is sufficient for the upside move to continue, while a breach of 1794.00 should support the bullishness to extend further.
The trading range for today is among the key support at 1742.00 and key resistance now at 1828.00.
The short-term trend is to the upside with steady weekly closing above 1475.00 targeting 1945.00.
| Support | 1768.00 | 1763.00 | 1754.00 | 1747.00 | 1742.00 |
| Resistance | 1777.00 | 1780.00 | 1788.00 | 1794.00 | 1810.00 |
| Recommendation | Based on the charts and explanations above our opinion is buying gold around 1768.00, and take profit in stages at 1777.00, 1794.00 and 1828.00 and stop loss with 4-hour closing below 1747.00 might be appropriate. | ||||
Silver
Midday Report
Silver is trading narrowly around the resistance of 35.75. We are still waiting the pair to breach the mentioned level, supported by the bullish harmonic structure in addition to EMA which are trading positively. The awaited breach is necessary due to the overbought signs, where a breach of this level should negate those signs.
The trading range for today is among the key support at 33.65 and key resistance now at 38.00.
The short-term trend is to the downside with steady weekly closing below 38.00 targeting 20.05.
***New York Candlesticks***
| Support | 35.05 | 34.65 | 34.25 | 34.00 | 33.65 |
| Resistance | 35.75 | 36.20 | 36.80 | 37.25 | 37.80 |
| Recommendation | Based on the charts and explanations above, our opinion is buying silver around 35.05, and take profit in stages at (36.20, 37.25 and 38.35) and stop loss with 4-hour closing below 34.00 might be appropriate | ||||
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