Midday Report
Gold declined, but without providing stability below 1624.00. This was also accompanied with oversold signs on Stochastic; however, the metal is still below 1654.00 and 1666.00. Therefore, we remain neutral for the rest of the session today.
The trading range for today is among the key support at 1598.00 and key resistance now at 1690.00.
The short-term trend is to the upside with steady weekly closing above 1475.00 targeting 1945.00.
***New York Candlesticks***
| Support | 1629.00 | 1624.00 | 1610.00 | 1598.00 | 1590.00 |
| Resistance | 1643.00 | 1654.00 | 1662.00 | 1666.00 | 1673.00 |
| Recommendation | Based on the charts and explanations above, we remain neutral awaiting more confirmations | ||||
Silver
Midday Report
Silver attempts to settle below the ascending support level shown above in red, but so far the metal failed to remain below this level and above the critical support of 31.75, but at the same time consolidation below 32.60 and 32.85 drives us to remain neutral today, awaiting the failure of the bullish pattern or the return of the downside movement again.
The trading range for today is among the key support at 31.00 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 | 32.15 | 32.00 | 31.75 | 31.25 | 30.85 |
| Resistance | 32.60 | 32.85 | 33.00 | 33.15 | 33.40 |
| Recommendation | Based on the charts and explanations above, we remain neutral awaiting more confirmations | ||||
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