Midday Report
The metal is currently biased to the downside, while the pair failed to settle above the resistance at 1656.00. Momentum indicators are negative now, while gold is stable below the exponential moving average 20. Therefore, we negate our morning expectations and remain neutral for the rest of the session today as the metal is currently hovering around of 1650.00, which supports us to negate our morning recommendation at the equilibrium point.
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 | 1624.00 | 1638.00 | 1629.00 | 1624.00 | 1610.00 |
| Resistance | 1656.00 | 1662.00 | 1673.00 | 1681.00 | 1694.00 |
| Recommendation | Based on the charts and explanations above, we negate our morning expectations around the current price of 1650.00 and remain neutral for the rest of the session today. | ||||
Silver
Midday Report
Due to consolidation below the level of 32.85 and the deepening negativity of momentum indicators, the bearish technical structure became highly possible. This structure might pressure the metal to retest the potential reversal zone of the bullish Butterfly harmonic pattern at 31.75. At the same time, we cannot confirm the extension of negativity unless gold breaches the mentioned level and then the level of 31.25. Therefore, we will remain neutral for the rest of the session today since silver is stable in areas between 32.85 and 31.25.
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 | 32.10 | 32.00 | 31.75 | 31.25 | 31.00 |
| Resistance | 32.85 | 33.00 | 33.15 | 33.40 | 33.65 |
| Recommendation | Based on the charts and explanations above, we remain neutral awaiting more confirmations | ||||
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