Midday Report
Gold is still trading between the 23.6% Fibonacci correction and the breached resistance for the downside wave; momentum indicators still offer positive signs that support the strength of the retest area mentioned now support at 1642.00. Therefore, we remain neutral for now until gold breaches one of the mentioned levels for a clear direction signals.
The trading range for this week is among the key support at 1612.00 and key resistance now at 1680.00.
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 | 1642.00 | 1638.00 | 1635.00 | 1628.00 | 1622.00 |
| Resistance | 1653.00 | 1662.00 | 1666.00 | 1670.00 | 1680.00 |
| Recommendation | Based on the charts and explanations above we recommend observing trading today awaiting more confirmations | ||||
Silver
Midday Report
Silver reached the support for the sideways range at 31.20 and rebounded to the upside. Therefore, the weekly suggested scenario was activated and remains valid as far as we do not see a breach and stability below the mentioned level.
The trading range for this week is among the key support at 30.00 and key resistance now at 34.00.
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 | 31.20 | 31.00 | 30.85 | 30.45 | 30.00 |
| Resistance | 31.80 | 32.00 | 32.60 | 32.85 | 33.00 |
| Recommendation | Our weekly expectations remain valid | ||||
To ensure you receive such e-mails in the future, please add ecPulse.com to your list of approved senders.
No comments:
Post a Comment