Midday Report
Gold reached areas around the support of 1654.00, but so far we don’t recognize a possible rebound. At the same time, the bullish 0-5 harmonic pattern is still under formation and remains valid as long as the metal is above 1643.00, while stability above 1624.00 supports the positivity in general. Therefore, our morning expectations remain as they are.
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 | 1654.00 | 1650.00 | 1643.00 | 1638.00 | 1629.00 |
| Resistance | 1662.00 | 1666.00 | 1673.00 | 1681.00 | 1690.00 |
| Recommendation | Based on the charts and explanations above our opinion is buying gold around 1650.00, targeting 1681.00, 1694.00 and 1709.00 and stop loss with 4-hour closing below 1624.00 might be appropriate. | ||||
Silver
Midday Report
Silver reached the support level of 31.75, where this level was able to stop the bearishness. Consolidation above this support and the inability of the metal to breach it suggests that the effect of the bullish Butterfly harmonic pattern remains valid. Therefore, our morning expectations remain as they are, especially when RSI is almost within oversold areas.
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 | 31.75 | 31.25 | 31.00 | 30.85 | 30.30 |
| Resistance | 32.10 | 32.45 | 32.85 | 33.00 | 33.15 |
| Recommendation | Our morning expectations remain valid | ||||
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