Gold
Midday Report
During writing this report, gold is touching the awaited support levels of 1245.00. We believe that it is gathering the momentum it needs around these levels to be able to breach the pivotal resistance areas between 1255.00 and 1258.00 on its way to complete the suggested Elliott cycle. Thereby, we hold onto our morning anticipations for the rest of the day.
The trading range for today is among the key support at 1228.00 and key resistance now at 1265.00.
The general trend over short term basis is to the upside targeting 1365.00 per ounce as far as areas of 1120.00 remain intact.
Morning Report
Weekly Report
| Support | 1242.00 | 1239.00 | 1237.00 | 1235.00 | 1232.00 |
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| Resistance | 1249.00 | 1252.00 | 1255.00 | 1258.00 | 1265.00 |
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| Recommendation | Our morning expectations remain valid. |
Silver
Midday Report
Silver declined mildly but it is still stabilizing above 19.45 -previous broken resistance-. So we look at the current descends as a normal correction to gather the momentum it needs to be able to breach the psychological levels of 20.00. The IM structure is valid and nothing changed on the trend or momentum indicators. Thus, we keep our overview unchanged for the rest of the day.
The trading range for today is among the key support at 19.40 and key resistance now at 20.50.
The general trend over the short term basis is to the upside targeting 21.50 per ounce as far as areas of 16.20 remain intact.
Morning Report
Weekly Report
| Support | 19.65 | 19.55 | 19.45 | 19.30 | 19.20 |
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| Resistance | 19.75 | 19.80 | 19.95 | 20.05 | 20.25 |
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| Recommendation | Our morning expectations remain valid. |