Gold bulls regain control
|Gold – Silver
Gold Spot we wrote: holding above 1740 keeps the outlook positive re-targeting minor resistance at 1746/48. A break above 1750 meets strong resistance at1758/62. Shorts need stops above 1765.
We broke higher to 1769 – bulls need to hold prices above first support at 1760/57now.
Silver Spot beat resistance at 2560/70 but missed the next target of 2610/20 by 11pips.
Daily analysis
Gold bulls regain control. First support at 1760/57 but below here can target strong support at 1749/46. Longs need stops below 1741.
A break above 1770 targets 1781/84. Watch for a high for the day. A break higher targets 1792/96.
Silver on the way to the next target of 2610/20. We should struggle to beat this level with a high for the morning session likely. However a break above 2630 targets2650/60, perhaps as far as 2685/95.
First support at 2555/45 could see a low for the day. Further strong support at2520/10 but longs need stops below 2505.
Chart
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.