Gold and Silver hit new all time highs and outlook remains positive
|XAU/USD
- Gold break above 4374 retested the all time high at 4381.
- The break above here was a buy signal & we shot higher to the 1st targets of 4390 & 4397/99.
- In the update we wrote: NEXT TARGETS ARE 4415 & 4425/27
- These targets are hit as we reach 4497 this morning.
- Next targets are 4517/4520 & 4530/4533. If we continue higher look for 4541/4544 then 4553/4555.
- Downside is expected to be limited with support at 4455/4450.
- Strong support at 4427/4423. Longs need stops below 4418.
XAG/USD
- Silver hit my next targets of 6775/6778 then 6795/6799.
- In the update we wrote: Next targets are 7000/7005, 7035/7040, 7065/7070, 7095/7099.
- So far we reached 6982.
- Downside is expected to be limited with first support at 6870/6865. Longs need stops below 6850.
- A break lower risks a slide to support at 6795/6780. Longs need stops below 6760.
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