Gold
Midday Report
Gold is moving calmly since testing the psychological levels of 1100.00. We hold onto our morning expectations which are based on the weekly harmonic structure and the bearish engulfing pattern that appeared with Friday's closing. A breakout below 1098.00-1095.00 is needed to accelerate the awaited bearishness.
The trading range for today is among the key support at 1074.00 and key resistance now at 1132.00.
The general trend over short term basis is to the downside, targeting $ 1025.00 per ounce as far as areas between 1225.00 and 1249.00 remain intact.
Weekly Report
Eye on gold-click here-.
| Support | 1102.00 | 1098.00 | 1095.00 | 1092.00 | 1085.00 |
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| Resistance | 1109.00 | 1111.00 | 1115.00 | 1117.00 | 1122.00 |
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| Recommendation | Based on the charts and explanations above our opinion is, selling gold from 1107.00 targeting 1085.00 and stop loss above 1122.00 might be appropriate. |
Silver
Midday Report
As we mentioned in our technical messages, the metal is struggling to clear the path for additional bearish movements and it should stabilize below 16.95 in order to achieve this awaited bearish harmonic scenario. Hence, we keep our overview to the downside for the rest of the day, supported by the negative sign on AROON.
The trading range for today is among the key support at 16.45 and key resistance now at 17.70.
The general trend over short term basis is to the downside, targeting $ 13.60 per ounce as far as areas of 19.40 remain intact.
Weekly Report
| Support | 16.95 | 16.85 | 16.77 | 16.72 | 16.65 |
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| Resistance | 17.18 | 17.25 | 17.35 | 17.40 | 17.48 |
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| Recommendation | Based on the charts and explanations above our opinion is, selling silver from 17.10 targeting 16.60 and stop loss above 17.55 might be appropriate. |