Gold: be ready to sell a break below 1560
|Gold & Silver Spot
Gold broke channel support at 1605/00 & if you were quick enough to sell the break we hit targets 1597, 1592/90, 1580/78 & buying opportunity at 1569/67, but stops were triggered below 1564.
Silver still trades sideways
Reports will be updated at lunchtime GMT if necessary.
Daily Analysis
Gold unfortunately over ran support at 1569/67 but appears to be holding it over night now. Minor resistance at 1581/83 then a selling opportunity at 1592/96 with stops above 1600. An unexpected break higher targets 1608 & 1611/12.
Be ready to sell a break below 1560 targeting 1555/53 & best support today at 1548/46. Longs need stops below 1541. A break lower targets 1537, 1530, 1526/24.
Silver has minor resistance at at 1410, 1425 & 1435. Strong resistance at 1445/55 but above 1470 targets 1500/10. If we continue higher look for 1535/40 then 1560/65.
Strong support at targets 1383/78. A break lower targets 1380/77 then support at 1350/45.
Trends
Weekly outlook is positive.
Daily outlook is neutral.
Short Term outlook is positive.
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.