Midday Report
Gold rebounded to the upside, breaching the level of 1648.00 and attempting to return within the ascending minor channel. EMA 50 formed a strong resistance facing the metal over intraday basis, while Stochastic is almost within overbought areas. Therefore, our morning expectations remain as they are as long as below 1656.00, awaiting the metal to trade again below 1648.00.
The trading range for today is among the key support at 1598.00 and key resistance now at 1665.00.
The short-term trend is to the upside with steady weekly closing above 1475.00 targeting 1945.00.
| Support | 1648.00 | 1638.00 | 1629.00 | 1624.00 | 1610.00 |
| Resistance | 1650.00 | 1656.00 | 1662.00 | 1665.00 | 1670.00 |
| Recommendation | Our morning expectations remain valid | ||||
Silver
Midday Report
Silver retested the level of 31.75 and is trading now below it. Stochastic is gradually losing upside momentum. Therefore, our morning expectations are activated now and remain valid from the rest of the session as long as silver provides a daily closing below the mentioned level.
The trading range for today is among the key support at 30.00 and key resistance now at 32.35.
The short-term trend is to the downside with steady weekly closing below 38.00 targeting 20.05.
***New York Candlesticks***
| Support | 31.25 | 30.85 | 30.30 | 30.00 | 29.75 |
| Resistance | 31.75 | 32.00 | 32.35 | 32.85 | 33.00 |
| Recommendation | Our morning expectations remain valid | ||||
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