Midday Report
Gold declined to reach areas around the support level of 1656.00 mentioned earlier, where this level was able to support the metal to rebound to the upside again. As shown on the 4-hour interval, we find that the pair retested 50% Fibonacci correction and EMA 20 and attempts now to confirm stability above EMA 50. These factors support the continuity of the upside move for the rest of the session today despite the negativity seen on Stochastic, but consolidation above 1624.00 remains necessary.
The trading range for this week is among the key support at 1590.00 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 | 1656.00 | 1650.00 | 1642.00 | 1638.00 | 1624.00 |
| Resistance | 1673.00 | 1681.00 | 1688.00 | 1694.00 | 1703.00 |
| Recommendation | Our weekly expectations remain valid | ||||
Silver
Midday Report
As shown above on the daily interval and from a classical point of view, we find MACD provides positive reversal accompanied with 4-hour closing above the main resistance shown above. This indicates that the metal might provide another bullish attempt, yet this attempt should lift silver above the support level of 32.85 to confirm the continuity of the upside move and also to negate the bearish technical structure shown in our weekly report. A breach of 31.25 and stability below it might negate our positive outlook.
The trading range for this week is among the key support at 30.30 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 | 32.00 | 31.75 | 31.25 | 30.85 | 30.30 |
| Resistance | 32.45 | 32.85 | 33.00 | 33.20 | 33.75 |
| Recommendation | Based on the charts and explanations above, our opinion is buying silver above 31.75, and take profit in stages at 32.85 and 33.75 and stop loss with 4-hour closing below 31.00 might be appropriate | ||||
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