Midday Report
Gold declined sharply, breaching initially the pivotal support mentioned earlier today at 1639.00 as shown above on the chart. The pair also breached the support level of the bearish Flag continuation pattern, which forced the metal to return below the resistance of the downside movement. But, we still need a daily closing below this level to confirm the continuity of the bearishness. Therefore, we remain neutral for the rest of the session today, observing the daily closing regarding the mentioned level.
The trading range for today is among the key support at 1598.00 and key resistance now at 1694.00.
The short-term trend is to the upside with steady weekly closing above 1475.00 targeting 1945.00.
| Support | 1629.00 | 1624.00 | 1610.00 | 1604.00 | 1600.00 |
| Resistance | 1638.00 | 1644.00 | 1650.00 | 1656.00 | 1662.00 |
| Recommendation | Based on the charts and explanations above, we remain neutral awaiting more confirmations | ||||
Silver
Midday Report
Silver declined since morning, retesting areas around 31.75, yet the metal remained stable above this level. Therefore, we remain neutral now, observing the metal's behavior around the critical areas mentioned earlier 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 | 31.75 | 31.25 | 30.85 | 30.30 | 30.00 |
| Resistance | 32.00 | 32.45 | 32.85 | 33.00 | 33.15 |
| Recommendation | Based on the charts and explanations above, we remain neutral awaiting more confirmations | ||||
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