Midday Report
From a classic point of view and as shown above on the chart, we find that Stochastic is currently within oversold areas, while the metal returned below 1656.00. But, as long as gold is stable above 1624.00 our morning positive expectations remain valid. Trading above 1656.00 might support gold to gain momentum and provide another bullish attempts to breach the descending resistance level at 1673.00, which if breached might support the upside move to extend.
The trading range for today is among the key support at 1590.00 and key resistance now at 1706.00.
The short-term trend is to the upside with steady weekly closing above 1475.00 targeting 1945.00.
***New York Candlesticks***
| Support | 1638.00 | 1629.00 | 1624.00 | 1610.00 | 1598.00 |
| Resistance | 1650.00 | 1656.00 | 1662.00 | 1673.00 | 1681.00 |
| Recommendation | Our Morning expectations remain valid | ||||
Silver
Midday Report
Silver declined affected by the resistance level of 32.80-85. A failure of breaching this resistance might trigger the effect of a bearish technical structure. But at the same time, consolidation above 31.25 and 31.75 supports the Bullish Butterfly harmonic pattern to remain effective. This conflict seen gets more complicated as Stochastic is approaching overbought areas and RSI approaches oversold areas. Therefore, we remain neutral for the rest of the session today.
The trading range for today is among the key support at 31.25 and key resistance now at 33.65.
The short-term trend is to the downside with steady weekly closing below 38.00 targeting 20.05.
***New York Candlesticks***
| Support | 32.10 | 31.75 | 31.25 | 31.00 | 30.85 |
| Resistance | 32.45 | 32.80 | 33.00 | 33.15 | 33.40 |
| Recommendation | Based on the charts and explanations above, we remain neutral awaiting more confirmations | ||||
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