Gold: a break above 1492 is an important medium term buy signal
|Gold _ Silver
Gold & Silver Spot
Gold trading in a bull flag formation but while holding within the mid point of this flag, as we are now, this offers little trading opportunities. We are making a break above resistance at 1472/74.
Silver longs at important support at 1655/50 are working perfectly on the recovery to strong resistance at 1693/96. We topped exactly here.
Daily Analysis
Gold holding above 1472/74 allows a further recovery to 1481/82 then a selling opportunity at 1488/90 with stops above 1492. A break higher is an important medium term buy signal.
First support at 1468/65 but below here targets 1457/56. A break below 1454 targets 1450 & 1445.
Silver longs at important support at 1655/50 target 1675/80 & strong resistance at 1693/96. We topped exactly here so this is key to direction but a break higher today looks more likely, targeting 1726/30, perhaps as far as strong resistance at 1740/45.
Important important support at 1655/50. A break below 1630 is a sell signal therefore targeting 1610 & 1590/85.
Trends
Weekly outlook is positive
Daily outlook is neutral
Short Term outlook is neutral
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