Mid-day report

According to what we discussed in details in our morning report, the Wolfe's wave studies provided us with a target line -colored in red- around 992.00 zones -23.6% Fibonacci-. The metal is declining gradually, supporting the expected breakout below the mentioned level towards 38.2% Fibonacci at 980.00 zones. The negative divergence supports the bearish scenario.

The trading range for today is among the key support now at 952.00 and key resistance now at 1035.

The general trend is to the upside as far as 820.00 remains intact with targets at 1035.00 and 1060.00.

RecommendationOur mornig expectation is still valid.