Midday Report
Gold decline slightly, but the metal is still stable above 1666.00 and also above the support of 1673.00. These factors drive us to hold onto our positive expectations for the rest for the rest of the session today supported by the bullish 0-5 harmonic structure. Consolidation above 1690.00 strengthens our positive outlook.
The trading range for today is among the key support at 1624.00 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 | 1666.00 | 1662.00 | 1654.00 | 1650.00 | 1638.00 |
| Resistance | 1681.00 | 1690.00 | 1694.00 | 1700.00 | 1703.00 |
| Recommendation | Based on the charts and explanations above our opinion is buying gold around 1673.00, targeting 1690.00, 1694.00 and 1709.00 and stop loss with 4-hour closing below 1654.00 might be appropriate. | ||||
Silver
Midday Report
Silver declined slightly, but it is stable above the support of 32.85, while currently the metal is trading around the level of 33.00. Consolidation above the mentioned level supports the bullish technical structure to affect the metal positively. In general, consolidation above 32.60 and 32.85 are reasons behind our positive outlook of today.
The trading range for today is among the key support at 31.75 and key resistance now at 35.05.
The short-term trend is to the downside with steady weekly closing below 38.00 targeting 20.05.
***New York Candlesticks***
| Support | 32.85 | 32.60 | 32.15 | 32.00 | 31.75 |
| Resistance | 33.40 | 33.65 | 34.00 | 34.30 | 34.65 |
| Recommendation | Our morning expectations remain valid | ||||
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