Midday Report
Gold declined significantly to settle below 38.2% Fibonacci correction as shown above, which indicates that the downside movement could extend towards 50% Fibonacci correction at 1656.00-57.00. Stochastic is currently negative, which supports our expectations.
The trading range for today is among the key support at 1657.00 and key resistance now at 1763.00.
The short-term trend is to the upside with steady weekly closing above 1475.00 targeting 1945.00.
***New York Candlesticks***
| Support | 1680.00 | 1673.00 | 1662.00 | 1657.00 | 1624.00 |
| Resistance | 1694.00 | 1700.00 | 1703.00 | 1706.00 | 1711.00 |
| Recommendation | Based on the charts and explanations above our opinion is selling gold below 1703.00, and take profit in stages at 1687.00, 1672.00 and 1657.00 and stop loss with 4-hour closing above 1735.00 might be appropriate | ||||
Silver
Midday Report
As shown above on the hourly interval, we recognize a harmonic structure that could be a Butterfly harmonic pattern. This pattern could be completed in areas around 31.25, slightly below the minor support level at 31.70. Therefore, we expect a downside movement during the rest of the session today.
The trading range for today is among the key support at 31.80 and key resistance now at 35.05.
The short-term trend is to the downside with steady weekly closing below 38.00 targeting 20.05.
***New York Candlesticks***
| Support | 33.15 | 33.00 | 32.80 | 32.45 | 32.10 |
| Resistance | 33.40 | 33.75 | 34.00 | 34.40 | 34.65 |
| Recommendation | Based on the charts and explanations above, our opinion is selling silver below 34.00, and take profit in stages at 33.15 and 32.10 and stop loss with 4-hour closing above 34.80 might be appropriate | ||||
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