Midday Report
Gold is trading narrowly after the sharp decline seen and the breach of 1656.00, reflecting the positivity seen on Stochastic. RSI is within oversold areas, where this positive sign supports the harmonic outlook, which suggests that the pair could form a bullish or a bearish 0-5 harmonic structure. These patterns have a lot in common. Therefore, our morning expectations remain as they are, noting that a breach of 1598.00 negate both structure and might trigger more downside movements.
The trading range for today is among the key support at 1590.00 and key resistance now at 1700.00.
The short-term trend is to the upside with steady weekly closing above 1475.00 targeting 1945.00.
***New York Candlesticks***
Support | 1638.00 | 1629.00 | 1624.00 | 1610.00 | 1590.00 |
Resistance | 1656.00 | 1662.00 | 1673.00 | 1681.00 | 1688.00 |
Recommendation | Based on the charts and explanations above our opinion is buying gold around 1624.00, targeting 1656.00, 1688.00 and 1694.00 and stop loss with 4-hour closing below 1598.00 might be appropriate. |
Silver
Midday Report
The level of 31.75 was able to end the metal's negative momentum, accompanied with positive attempts seen on momentum indicators. But, we are concerned regarding the metal's ability to settle above 32.85. Therefore, we will wait until silver reaches areas around 31.25 in order to reduce the risks associated with the bullish Butterfly harmonic structure. We still expect that the bullish butterfly harmonic pattern to support the metal in the upside correction.
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 | 29.90 |
Resistance | 32.45 | 32.80 | 33.00 | 33.15 | 33.40 |
Recommendation | Based on the charts and explanations above, our opinion is buying silver around 31.25, and take profit in stages at 32.45 and 33.16 and stop loss with 4-hour closing below 30.30 might be appropriate |
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