Gold clearly remains in a sideways range
|Gold _ Silver
Gold & Silver Spot
Gold clearly remains in a sideways range – as predicted weeks ago! We wrote: holding what should be key resistance at 1704/06 targets 1696/95 & 1690/88, perhaps as far as 1680/78.
Perfect call with shorts at 1704/06 making over 20 points profit on the day.
Silver still sideways.
Daily Analysis
Gold remains in a short term sideways trend as we bounce to first resistance at 1693/94. A break above 1696 meets a selling opportunity at 1702/04 with stops above 1709. A break higher is a buy signal targeting 1713/14 & 1720/22, perhaps as far as 1728/30 for some profit taking on longs.
Holding first resistance at 1693/94 targets 1690/88, perhaps as far as 1680/78. Further losses meet minor support at 1670/69. A break lower tests the 2 week low at 1661/59.
Silver first support at 1483/81 then strong support at 1450/46. A break below 1440 targets 1422/20.
First resistance at 1518/22 but above here re-targets 1541/42, perhaps as far as 1549/1551. A break higher targets 1559/62. Try shorts at 1583/88 with stops above 1593.
Trends
Weekly outlook is positive
Daily outlook is neutral
Short Term outlook is neutral
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