Midday Report
Gold is trading narrowly, yet the metal is biased to the downside, where we can see it trading now around 1694.00, where trading below this level may trigger a new bearish attempt for gold to settle below 1688.00. Our morning expectations remain as they are, supported by Stochastic and the continuous formation of the CD leg of the 0-5 harmonic pattern as shown above.
The trading range for today is among the key support at 1642.00 and key resistance now at 1740.00.
The short-term trend is to the upside with steady weekly closing above 1475.00 targeting 1945.00.
***New York Candlesticks***
| Support | 1688.00 | 1673.00 | 1662.00 | 1656.00 | 1644.00 |
| Resistance | 1700.00 | 1703.00 | 1706.00 | 1711.00 | 1718.00 |
| Recommendation | Based on the charts and explanations above our opinion is selling gold around 1706.00, targeting 1657.00 and stop loss with 4-hour closing above 1727.00 might be appropriate. | ||||
Silver
Midday Report
Silver is biased to the downside, while Stochastic is weak and unable to settle above the 50-point level, in the time RSI is still negative. All these factors together in addition to the breach of the main support of the ascending channel drive us to expect silver to continue forming the CD leg of the Butterfly harmonic pattern, and in result our morning expectations remain valid.
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 | 33.40 | 33.15 | 33.00 | 32.850 | 32.45 |
| Resistance | 34.00 | 34.40 | 34.65 | 34.80 | 35.05 |
| Recommendation | Our morning expectations remain valid | ||||
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