Midday Report
The upside attempts are still limited below 1680.00 areas and Stochastic is currently moving lower to upload the overbought signals. In general, we hold onto our morning expectations and that depends on stability above the main resistance for the downside move and 23.6% correction at 1653.00 per ounce which is within the CD leg formation of the suggested harmonic pattern.
The trading range for today is among the key support at 1638.00 and key resistance now at 1700.00.
The short-term trend is to the upside targeting 1945.00 per ounce as far as areas of 1475.00 remain intact with weekly closing.
| Support | 1666.00 | 1662.00 | 1653.00 | 1645.00 | 1638.00 |
| Resistance | 1680.00 | 1690.00 | 1694.00 | 1700.00 | 1703.00 |
| Recommendation | Based on the charts and explanations above our opinion is buying gold above 1666.00 and take profit at 1681.00, 1694.00, and 1700.00 and stop loss with four-hour closing below 1650.00 might be appropriate | ||||
Silver
Midday Report
Silver is trading within a sideways tight range with heavy volatility. The sideways range is above 31.80-85 which is the 50% correction shown above; stability above this level supports the possibility of the retest to the main resistance of the sideways range over higher timeframes which resides around 33.15. This possible upside move requires stability above 31.25 and breaching this level will make us reassess the suggested positive classic formation.
The trading range for today is among the key support at 31.00 and key resistance now at 34.00.
The short-term trend is to the downside targeting 20.05 as far as areas of 38.00 remain intact with weekly closing.
| Support | 32.00 | 31.80 | 31.25 | 31.00 | 30.85 |
| Resistance | 32.60 | 32.85 | 33.00 | 33.15 | 33.40 |
| Recommendation | Our morning expectations remain valid | ||||
To ensure you receive such e-mails in the future, please add ecPulse.com to your list of approved senders.
No comments:
Post a Comment