Midday Report
The metal is biased to the downside, but this bearishness is limited above 1654.00. Gold might rebound to the upside during the session today, depending on the formation of the 0-5 harmonic pattern as shown above. Momentum indicator might be an obstacle facing the bullishness, but consolidation above 1624.00 in general supports us to remain positive.
The trading range for today is among the key support at 1608.00 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 | 1650.00 | 1645.00 | 1638.00 | 1632.00 | 1628.00 |
| Resistance | 1662.00 | 1666.00 | 1673.00 | 1680.00 | 1690.00 |
| Recommendation | Based on the charts and explanations above our opinion is buying gold around 1645.00, targeting 1681.00, 1694.00 and 1700.00 and stop loss with 4-hour closing below 1638.00 might be appropriate. | ||||
Silver
Midday Report
The metal attempts to breach the level of 31.25, while RSI settled above the 50-point level. Therefore, we expect an upside move today in case the pair settled above the mentioned level. Consolidation above this level might support silver to breach the resistance of 31.50 and then testing areas around 31.70. But, in case silver failed to settle above this level the suggested upside move will failed as well.
The trading range for today is among the key support at 29.60 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 | 31.00 | 30.80 | 30.40 | 29.90 | 29.60 |
| Resistance | 31.25 | 31.50 | 31.80 | 32.10 | 32.50 |
| Recommendation | Based on the charts and explanations above, our opinion is buying silver around 31.00 and taking profit in stages at 31.50, 31.80 and 32.10 and stop loss below 30.40 might be appropriate | ||||
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