Midday Report
The metal's movement is still mixed and unclear, where gold is trading now below the critical resistance of the bearish technical structure at 1735.00, but also above EMA 50. Stochastic attempts to provide a negative crossover. But at the same time, MACD turned positive. Therefore, we remain neutral, awaiting the metal to confirm the breach of the resistance and consolidation above it, which could transform the bearish technical structure into a bullish continuation pattern, while stability below EMA supports the return of the downside movement.
The trading range for this week is among the key support at 1640.00 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.
***New York Candlesticks***
| Support | 1724.00 | 1711.00 | 1706.00 | 1702.00 | 1671.00 |
| Resistance | 1735.00 | 1742.00 | 1750.00 | 1754.00 | 1763.00 |
| Recommendation | Based on the charts and explanations above, we remain neutral awaiting more confirmations | ||||
Silver
Midday Report
Silver is still trading within the sideways range, while Stochastic is within overbought areas and attempt to provide a negative crossover, but RSI is stable above the 50-point level. The metal is trading within the sideways range of 32.80-95 and 34.40-65. Furthermore, silver is stable below the minor resistance at 33.75, but it attempts to incline since the morning. Therefore, we remain neutral today, awaiting more confirmations.
The trading range for this week is among the key support at 30.30 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.
***New York Candlesticks***
| Support | 33.20 | 33.00 | 32.80 | 32.45 | 31.80 |
| Resistance | 33.75 | 34.25 | 34.60 | 35.05 | 35.65 |
| Recommendation | Based on the charts and explanations above, we remain neutral awaiting more confirmations | ||||
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