Midday Report
The metal is finding difficulty in breaching 1653.00 and stabilizing above it, where Stochastic is biased negatively now. Despite that, the downside movement seen was limited above 1624.00 and accordingly we hold onto our morning expectations for the possibility of forming the harmonic 5-0 and the breach of the main resistance for the downside move that started from 1790.00 to 1612.00. We remind you that the breach of 1653.00 with stability above this level supports the positive scenario.
The trading range for today is among the key support at 1624.00 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 | 1645.00 | 1638.00 | 1632.00 | 1624.00 | 1608.00 |
| Resistance | 1653.00 | 1662.00 | 1666.00 | 1673.00 | 1680.00 |
| Recommendation | Our morning expectations remain valid | ||||
Silver
Midday Report
Silver returned to trade below 31.80 and that weakens the positive momentum. At the same time, stability above 31.25 keeps the metal within the sideways range shown on the chart above where the top is seen at 33.15, and stability above 31.25 keeps the possibility for silver to reach the mentioned resistance. We should note here that breaching 31.25 and stability below it can push silver towards 30.40 and negate our intraday expectations. RSI reversed to the downside and accordingly we stress on the importance of stability above the bottom of the sideways range to offset the effect of the negative momentum.
The trading range for today is among the key support at 30.85 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 | 30.40 | 30.00 |
| Resistance | 32.80 | 33.00 | 33.15 | 33.40 | 33.65 |
| Recommendation | Our morning expectations remain valid, and if the stop loss was triggered, our opinion is selling silver below 31.25 and take profit at 30.40 and stop loss above 31.80 might be appropriate | ||||
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