Midday Report
Stochastic is offering a negative crossover, while the metal is stable below EMA 20 and 50, which is a negative sign indeed. But as the same time, consolidation above 1643.00 makes us to hold onto our positive expectations as they are today, where stability above the mentioned level indicates that the effect of the bullish technical structure is still valid and significantly on the pair, shown above in green.
The trading range for today is among the key support at 1624.00 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 | 1654.00 | 1650.00 | 1643.00 | 1638.00 | 1629.00 |
| Resistance | 1666.00 | 1673.00 | 1681.00 | 1690.00 | 1694.00 |
| Recommendation | Based on the charts and explanations above our opinion is buying gold around 1654.00, targeting 1681.00, 1694.00 and 1709.00 and stop loss with 4-hour closing below 1624.00 might be appropriate. | ||||
Silver
Midday Report
23.6% Fibonacci correction at 32.60 was able to stop the metal's positive momentum. But at the same time, consolidation above 31.75 suggests that silver will attempt to breach this level and move towards 32.85 and then 33.00. Our morning expectations remain valid for the rest of the session today, supported by the bullish technical pattern and the harmonic pattern mentioned in our weekly report.
The trading range for today 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 | 32.00 | 31.75 | 31.25 | 30.85 | 30.30 |
| Resistance | 32.60 | 32.85 | 33.00 | 33.15 | 33.40 |
| Recommendation | Based on the charts and explanations above, our opinion is buying silver above 32.00, and take profit in stages at 32.45, 32.85 and 33.65 and stop loss with 4-hour closing below 31.25 might be appropriate | ||||
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