Midday Report
The metal is trading narrowly above EMA 20 and 50. We expect the downside correction to continue, but in general our morning expectations remain valid, where gold attempts to form the bullish 0-5 harmonic pattern that supports the mentioned breach of the main resistance of the downside movement.
The trading range for today is among the key support at 1624.00 and key resistance now at 1709.00.
The short-term trend is to the upside with steady weekly closing above 1475.00 targeting 1945.00.
***New York Candlesticks***
| Support | 1673.00 | 1666.00 | 1656.00 | 1650.00 | 1638.00 |
| Resistance | 1690.00 | 1694.00 | 1700.00 | 1703.00 | 1706.00 |
| Recommendation | Based on the charts and explanations above our opinion is buying gold around 1666.00, targeting 1694.00, 1709.00 and 1728.00 and stop loss with 4-hour closing below 1643.00 might be appropriate. | ||||
Silver
Midday Report
The metal is trading narrowly, affected by the positivity of breaching the descending resistance and the possible formation of a bullish technical structure in addition to the positive reversal seen on MACD, but on the other hand RSI is negative. In general, the suggested upside move might return today, but stability above 31.75 is critical for our suggested scenario.
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 | 32.45 | 32.10 | 32.00 | 31.75 | 31.25 |
| Resistance | 32.85 | 33.00 | 33.15 | 33.40 | 33.65 |
| 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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