Midday Report
The metal is trading negatively, while trading below 1700.00 is considered as a good start for the metal to enter a new bearish wave. Stochastic is negative and EMA 50 supports the downside movement to extend further. A breach of 1687.00 is necessary for gold to gain negative momentum. Consolidation below 1727.00 is required for our negative outlook to prevail.
The trading range for today is among the key support at 1657.00 and key resistance now at 1740.00.
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 | 1673.00 | 1662.00 | 1657.00 |
| Resistance | 1703.00 | 1706.00 | 1711.00 | 1718.00 | 1727.00 |
| Recommendation | Our morning expectations remain valid | ||||
Silver
Midday Report
The metal is positively biased, but this positivity is weakening gradually due to the stability below 34.40-65, where consolidation below this level could support the downside movement to return. Our negative outlook depends breaching the ascending channel and forming the CD leg of the Butterfly harmonic pattern.
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 | 34.00 | 34.40 | 34.65 | 34.80 | 35.05 |
| Recommendation | Our morning expectations remain valid | ||||
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