Midday Report
Gold attempts to breach and settle above the main resistance of the downside movement. But, the negativity on Stochastic postpones these attempts. Our morning expectations remain as they are as long as the metal is stable above 1624.00. Consolidation above 1650.00 supports the suggested scenario.
The trading range for today is among the key support at 1608.00 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 | 1650.00 | 1645.00 | 1638.00 | 1632.00 | 1624.00 |
| Resistance | 1656.00 | 1662.00 | 1666.00 | 1673.00 | 1681.00 |
| Recommendation | Based on the charts and explanations above our opinion is buying gold around 1650.00, targeting 1666.00, 1680.00 and 1700.00 and stop loss with 4-hour closing below 1624.00 might be appropriate. | ||||
Silver
Midday Report
The metal is trading narrowly above 31.25, which is sufficient for our suggested bullishness to remain valid during the rest of the session today. Consolidation above 31.85 can also support our positive scenario to prevail.
The trading range for today is among the key support at 30.40 and key resistance now at 33.15.
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 | 31.80 | 32.00 | 32.15 | 32.60 | 32.85 |
| Recommendation | Our morning expectations remain valid | ||||
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