Gold: A break above 1961 is a short term buy signal
|Gold – Silver
Gold Spot broke below 1942 for a short term sell signal targeting 1937, 1931 & our buying opportunity at 1924/22. This trade worked perfectly as we bottomed exactly here & shot higher to 1941.
Silver Spot longs at 2725/15 worked perfectly as we shot higher to the target of 2760/70 & topped exactly here. However we reversed & broke 2725/15 for our sell signal targeting 2650/40 & bottomed exactly here.
Daily Analysis
Gold meets first resistance at 1947 for some profit taking on any remaining longs. Sell at 1950/55 with stops above 1961. A break higher is a short term buy signal targeting 1970/72 & perhaps as far as strong resistance at 1983/86. Shorts need stops above 1991.
1 month trend line support is much weaker today, at 1929/26. Longs are more risky but stop below 1921 if you try. A break lower targets 1917/15, 1910/09 & perhaps as far as 1904/02.
Silver holding 2650/40 allows a recovery to to 2715 then a selling opportunity at 2725/35 with stops above 2745. A break higher targets 2770/75, perhaps as far as 2800/2810.
Be ready to sell a break below 2635 targeting 2615 & 2610/05. Be ready to sell a break below 2600 targeting 2573/70.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.