Midday Report
Gold inclines slightly, but it is still stable below 38.2% Fibonacci correction at 1688-77.00 as shown above, which supports our negative expectations to remain valid, supported by the suggested double harmonic structure.
The trading range for today is among the key support at 1624.00 and key resistance now at 1735.00.
The short-term trend is to the upside with steady weekly closing above 1475.00 targeting 1945.00.
***New York Candlesticks***
| Support | 1673.00 | 1662.00 | 1657.00 | 1644.00 | 1624.00 |
| Resistance | 1687.00 | 1694.00 | 1703.00 | 1706.00 | 1711.00 |
| Recommendation | Based on the charts and explanations above our opinion is selling gold below 1687.00, and take profit in stages at 1657.00, 1644.00 and 1624.00 and stop loss with 4-hour closing above 1703.00 might be appropriate | ||||
Silver
Midday Report
Silver rebounded to the upside due to the oversold signs seen on momentum indicators. But, the metal is still trading below the bottom of the (B) point of the Butterfly harmonic structure. Therefore, our morning expectations remain as they are. Consolidation below 34.00 is necessary for our expectations to prevail.
The trading range for today is among the key support at 31.25 and key resistance now at 34.40.
The short-term trend is to the downside with steady weekly closing below 38.00 targeting 20.05.
***New York Candlesticks***
| Support | 33.00 | 32.80 | 32.45 | 32.10 | 31.75 |
| Resistance | 33.40 | 33.65 | 34.00 | 34.40 | 34.65 |
| Recommendation | |||||
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