Midday Report
Gold trades within a tight range around 1666.00, but the positivity is still seen on Stochastic. In addition, any trading above 1624.00 supports the bullish 0-5 harmonic pattern to remain valid. Furthermore, consolidation above the support of 1656.00 also supports the upside move. Therefore, our weekly expectations remain as they are.
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 | 1662.00 | 1656.00 | 1650.00 | 1642.00 | 1638.00 |
| Resistance | 1673.00 | 1681.00 | 1690.00 | 1694.00 | 1703.00 |
| Recommendation | Our weekly expectations remain valid | ||||
Silver
Midday Report
The metal is trading narrowly below the intraday resistance at 32.60, but MACD is still trading above the ascending support shown above, while the bullish technical structure is still available. Therefore, our weekly expectations remain as they are, noting that consolidation above 31.25 is necessary.
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 | 32.15 | 32.00 | 31.75 | 31.25 | 30.85 |
| Resistance | 32.60 | 32.85 | 33.00 | 33.20 | 33.75 |
| Recommendation | Based on the charts and explanations above, our opinion is buying silver above 32.15, and take profit in stages at 33.00 and 34.40 and stop loss with 4-hour closing below 31.25 might be appropriate | ||||
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