Midday Report
As shown above on the 4-hour interval, we find that we are facing a technical structure that might be a falling wedge pattern. The metal now attempts to confirm the breach of the main resistance of the pattern, which drives us to hold onto our morning expectations, which depend on a mixture of harmonic and technical analysis. Consolidation above 1624.00 is necessary for our expectations to prevail.
The trading range for today is among the key support at 1580.00 and key resistance now at 1680.00.
The short-term trend is to the upside with steady weekly closing above 1475.00 targeting 1945.00.
***New York Candlesticks***
| Support | 1632.00 | 1628.00 | 1624.00 | 1608.00 | 1598.00 |
| Resistance | 1645.00 | 1650.00 | 1654.00 | 1662.00 | 1666.00 |
| Recommendation | Our morning expectations remain valid | ||||
Silver
Midday Report
The conflict remains significant now, where the metal is stable in areas above 61.8% at 30.40 and below 31.25. Therefore, we remain neutral for the rest of the session today. Another reason behind remaining neutral is the conflict between RSI and MACD.
The trading range for today is among the key support at 28.85 and key resistance now at 31.25.
The short-term trend is to the downside with steady weekly closing below 38.00 targeting 20.05.
***New York Candlesticks***
| Support | 30.40 | 29.90 | 29.60 | 29.05 | 28.85 |
| Resistance | 31.00 | 31.25 | 31.60 | 31.80 | 32.10 |
| Recommendation | Based on the charts and explanations above, we remain neutral awaiting more confirmations | ||||
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