Midday Report
Once again, the resistance level of 1654.00 stopped the bullishness, supported by the overbought signs seen on Stochastic. But, consolidation above 1624.00 drives us to hold onto our positive expectations as they are. Consolidation above this level suggests the continuous formation of the harmonic structure shown above.
The trading range for today is among the key support at 1598.00 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 | 1645.00 | 1638.00 | 1632.00 | 1628.00 | 1624.00 |
| Resistance | 1654.00 | 1662.00 | 1666.00 | 1673.00 | 1680.00 |
| Recommendation | Based on the charts and explanations above our opinion is buying gold around 1638.00, targeting 1681.00, 1694.00 and 1700.00 and stop loss with 4-hour closing below 1624.00 might be appropriate. | ||||
Silver
Midday Report
The metal is trading narrowly in a tight range between the support of 30.40 and the resistance at 31.25, which drives us to remain neutral today, especially after RSI failed to breach the 50-point level.
The trading range for today is among the key support at 28.85 and key resistance now at 32.10.
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 | 30.85 | 31.00 | 31.25 | 31.60 | 31.80 |
| Recommendation | Based on the charts and explanations above, we remain neutral awaiting more confirmations | ||||
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