Midday Report
The metal continues the upside move reaching 1703.00. But, the metal didn’t settle above this level. Stochastic is currently within overbought areas, which could trigger a downside movement. Our morning expectations remain as they are, but consolidation below 1718.00 is required.
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 | 1694.00 | 1687.00 | 1680.00 | 1673.00 | 1662.00 |
| Resistance | 1703.00 | 1706.00 | 1711.00 | 1718.00 | 1724.00 |
| Recommendation | Our morning expectations remain valid, but our stop loss point is now at 1718.00. | ||||
Silver
Midday Report
The incline seen is limited below 34.40, which suggests the return of the downside movement due to the continuous forming of the CD leg of the Butterfly harmonic pattern. Stochastic is within overbought areas, which supports our expectations with one condition that the mentioned level remains intact.
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 | 33.65 | 33.40 | 33.15 | 33.00 | 32.80 |
| Resistance | 34.40 | 34.65 | 34.80 | 35.05 | 35.75 |
| Recommendation | Our morning expectations remain valid | ||||
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