Gold: Downside is likely to be limited
|Gold – Silver
Gold Spot beats important resistance at 1787/90 & holds for a positive outlook despite overbought conditions, reaching the next target of 1812/14.
Silver Spot finally follows Gold higher as we beat resistance at the 1 month high at 1835/37 for a medium term buy signal targeting 1860/63 & 1882/85...almost there as I write over night.
Daily Analysis
Gold outlook remains positive as we reach 1812/14, with next targets of 1825/27 & 1835/37.
Downside is likely to be limited with the market apparently finding support at 1807/06 & the key buying opportunity at 1796/94. Longs need stops below 1790.
Silver medium term buy signal targets 1860/63, 1882/85 & perhaps as far as the 2020 high at 1892/94 before the weekend.
An obvious buying opportunity at 1842/39, with stops below 1835.
| Trading levels. | Target. | |
| AUDUSD | strong support at 6910/00. Stop below 6880 | 6930, 6970 |
| NZDUSD | Buy 6485/75. Stop below 6460 | 6525 |
| NZDUSD | buying opportunity at 6430/20, with stops below 6400. | 6470, 6520 |
| USDJPY | selling opportunity at 108.35/45 stops above 108.65 | 108.10, 107.75 |
| EURJPY | strong resistance at 121.90/122.10 & again at 122.70/80 | 121.60, 121.20 |
| EURJPY | buying opportunity at 120.65/55, with stops below 120.40. | 120.80, 121.10 |
| Gold | Outlook remains positive on the break above 1800 |
Trends
Weekly outlook is positive.
Daily outlook is positive.
Short Term outlook is neutral.
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