Midday Report
Gold settled on the support of 1638.00, which is above the critical level of 1624.00. However, the positivity remains limited due to the negativity of Stochastic, but any trading above the mentioned level supports our positive expectations to remain as they are, depending on the suggested harmonic structure in addition to the stability above the resistance of the descending channel.
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 | 1638.00 | 1632.00 | 1628.00 | 1624.00 | 1608.00 |
| Resistance | 1645.00 | 1650.00 | 1654.00 | 1662.00 | 1666.00 |
| 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 fluctuating heavily within a tight range, while is stable above between 31.25 from above and 30.40 from below. Therefore, we are waiting the metal to exit the tight range in order to define the coming trend. In general, we remain neutral for the rest of the session today.
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 | 28.85 | 28.10 |
| 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 | ||||
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