Midday Report
The metal continues to trade negatively despite the positive signs seen on Stochastic due to the breach of 1624.00 which separates between positivity and negativity. Consolidation below the mentioned level suggests a retest of 1608.00, while a breach of this level might trigger another bearish wave, targeting 1585.00 and maybe 1580.00. In result our morning expectations remain valid.
The trading range for today is among the key support at 1580.00 and key resistance now at 1673.00.
The short-term trend is to the upside with steady weekly closing above 1475.00 targeting 1945.00.
***New York Candlesticks***
| Support | 1608.00 | 1598.00 | 1590.00 | 1585.00 | 1580.00 |
| Resistance | 1624.00 | 1629.00 | 1638.00 | 1645.00 | 1656.00 |
| Recommendation | Our morning expectations remain valid | ||||
Silver
Midday Report
We return to the head and shoulders bearish pattern, despite the fact that this pattern is not ideal, but consolidation below the neckline of this pattern at 32.85 drives to expect a negative impact. But, the metal should settle below 31.25 to confirm the continuity of the downside movement. In general, our morning expectations remain as they are, but stability below 32.60 is required.
The trading range for today is among the key support at 29.60 and key resistance now at 33.00.
The short-term trend is to the downside with steady weekly closing below 38.00 targeting 20.05.
***New York Candlesticks***
| Support | 31.25 | 31.00 | 30.85 | 30.30 | 29.90 |
| Resistance | 31.75 | 32.00 | 32.15 | 32.60 | 32.85 |
| Recommendation | Based on the charts and explanations above, our opinion is selling silver around 31.75 and taking profit in stages at 31.25, 30.85 and 30.30 and stop loss with 4-hour closing above 32.60 might be appropriate | ||||
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