Midday Report
The metal attempts to settle above EMA 20 and 50% Fibonacci correction as shown above at 1656.00. At the same time, Stochastic and RSI are turning negative. Still, the metal is above the main resistance of the downside movement. Therefore, we remain neutral for the rest of the session.
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 | 1650.00 | 1638.00 | 1629.00 | 1624.00 | 1610.00 |
| Resistance | 1656.00 | 1662.00 | 1673.00 | 1681.00 | 1688.00 |
| Recommendation | Based on the charts and explanations above, we remain neutral awaiting more confirmations | ||||
Silver
Midday Report
Silver is still limited within a narrow range between 32.85 and 31.75, accompanied with a clear conflict between momentum indicators, where Stochastic attempts to remain positive, while RSI is approaching oversold areas. Therefore, remaining neutral will be our best choice now, especially with the contradiction between harmonic and classic analysis.
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 | 32.00 | 31.75 | 31.25 | 30.85 | 30.30 |
| Resistance | 32.45 | 32.85 | 33.00 | 33.125 | 33.40 |
| Recommendation | Based on the charts and explanations above, we remain neutral awaiting more confirmations | ||||
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