Midday Report
After reaching areas of 1645.00, gold rushed to the upside and attempting to stabilize above 1653.00. Stability above the latter might be a signal for the possibility to resume the upside move for today, forming the CD leg of the harmonic pattern shown above in addition to reacting for the breach of the main resistance for the downside trend.
The trading range for today is among the key support at 1624.00 and key resistance now at 1690.00.
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 | 1653.00 | 1645.00 | 1638.00 | 1632.00 | 1628.00 |
| Resistance | 1662.00 | 1666.00 | 1673.00 | 1680.00 | 1690.00 |
| Recommendation | Our morning expectations remain valid | ||||
Silver
Midday Report
Areas of 31.25 are holding strong once again, and we can see how silver rushed higher attempting once again to stabilize above 31.80. RSI breached the 50 level and that supports the upside move to continue attempting to test 33.15. Areas of 33.15 are considered the ceiling of the sideways trading range that was recently established.
The trading range for today is among the key support at 29.90 and key resistance now at 33.15.
The short-term trend is to the downside targeting 20.05 as far as areas of 38.00 remain intact with weekly closing.
*The chart above is based on NY time*
| Support | 31.25 | 31.00 | 30.85 | 30.30 | 29.90 |
| Resistance | 31.80 | 32.00 | 32.15 | 32.60 | 33.00 |
| Recommendation | Our morning expectations remain valid | ||||
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