Midday Report
Gold declined affected by the overbought signs and the negative crossover seen on Stochastic, but the metal is still stable above 1624.00 and trading around the level of 1656.00. Therefore, our weekly expectations remain as they are, where consolidation above 1624.00 supports one of the possible harmonic patterns shown above to remain valid, noting that both patterns suggest positivity.
The trading range for this week is among the key support at 1590.00 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 | 1650.00 | 1642.00 | 1638.00 | 1624.00 | 1598.00 |
| Resistance | 1673.00 | 1681.00 | 1688.00 | 1694.00 | 1703.00 |
| Recommendation | Our weekly expectations remain valid | ||||
Silver
Midday Report
Silver is still trading below 32.85, which suggests forming a bearish classic pattern, especially when Stochastic provides a negative crossover. But at the same time, we cannot ignore the effect of the bullish Butterfly harmonic pattern that remains valid as long as the metal is stable above 31.25. Therefore, we remain neutral for the rest of the session today, awaiting accurate signs to define the metal's next move.
The trading range for this week is among the key support at 30.30 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 | 31.75 | 31.25 | 30.85 | 30.30 |
| Resistance | 32.85 | 33.00 | 33.20 | 33.75 | 34.00 |
| Recommendation | Based on the charts and explanations above, we remain neutral awaiting more confirmations | ||||
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