Midday Report
The metal is trading narrowly above the main resistance of the downside movement and also above 23.6% Fibonacci correction as shown above between 1653.00 and 1650.00. Consolidation above these areas suggests an upside move as the metal is forming the CD leg of the suggested harmonic pattern shown above.
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 | 1653.00 | 1645.00 | 1638.00 | 1632.00 | 1624.00 |
| Resistance | 1662.00 | 1666.00 | 1673.00 | 1681.00 | 1690.00 |
| Recommendation | Based on the charts and explanations above our opinion is buying gold around 1653.00, targeting 1681.00, 1694.00 and 1700.00 and stop loss with 4-hour closing below 1638.00 might be appropriate. | ||||
Silver
Midday Report
The metal is trading in a tight range now, but MACD attempts to incline gradually to breach the zero level bullishly, which is a positive sign. Any trading above 31.25 supports our morning expectations to remain as they are, but a breach of this level negates our positive outlook over intraday basis.
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 | 31.75 | 32.00 | 32.15 | 32.60 | 32.85 |
| Recommendation | Our morning expectations remain valid | ||||
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