Gold: expect strong resistance at 1472/74
|Gold and Silver Spot
Gold trading in a bull flag formation but while holding within the mid point of this flag, as we are now, this offers little trading opportunities.
Silver collapsed to important support at 1655/50 & bottomed exactly here so obviously this is key to direction again today.
Daily Analysis
Gold minor resistance at 1464/65 & we topped exactly here yesterday. Expect strong resistance at 1472/74. Shorts need stops above 1477.
First support at 1457/55. A break below 1453 targets 1450 & 1445.
Silver has important support at 1655/50. A break below 1630 is a sell signal targeting 1610 & 1590/85.
Longs at important support at 1655/50 target 1675/80 & strong resistance at 1693/96. A break above 1700 targets strong resistance at 1726/30.
Trends
Weekly outlook is positive
Daily outlook is neutral
Short Term outlook is neutral
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