Midday Report
Gold attempts to confirm stability above 1690.00, where this level represents 38.2% Fibonacci correction of the downside movement, which started at 1790.00 and ended at the bottom of 1627.00. The current positivity might continue and the upside move could extend towards 50% and maybe 61.8% Fibonacci correction; but we signal the fluctuations might continue due to the overbought signs seen on momentum indicators.
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 | 1681.00 | 1673.00 | 1666.00 | 1656.00 | 1650.00 |
| Resistance | 1694.00 | 1700.00 | 1703.00 | 1706.00 | 1709.00 |
| Recommendation | Based on the charts and explanations above our opinion is buying gold around 1681.00, targeting 1694.00, 1709.00 and 1728.00 and stop loss with 4-hour closing below 1656.00 might be appropriate. | ||||
Silver
Midday Report
Silver attempts to settle above 32.85, which encourages us to hold onto our morning expectations, where this attempt reflects the effect of breaching the critical resistance of the downside movement and also the breach of 23.6% Fibonacci correction shown above. The positive reversal on MACD is still valid and supports our suggested scenario.
The trading range for today 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 | 32.85 | 32.45 | 32.10 | 31.75 | 31.25 |
| Resistance | 33.15 | 33.40 | 33.65 | 34.00 | 34.40 |
| Recommendation | Based on the charts and explanations above, our opinion is buying silver above 32.45, and take profit in stages at 32.85, 33.65 and 34.40 and stop loss with 4-hour closing below 31.25 might be appropriate | ||||
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