Gold: First resistance at 1735
|Gold and Silver Spot
Gold trades sideways as expected.
Silver scalping first resistance at 1720/24 work yesterday.
Daily Analysis
Gold gains target 1725/27 with first resistance at 1735/37. Try shorts with stops above 1740. A break higher targets 1750, perhaps as far as 1755/57, before a retest important resistance at 1763/65. Shorts need stops above 1768. A break higher is a buy signal despite overbought conditions.
Shorts at 1735/37 target 1727/25 of course then take profit & buy in to longs at 1718/15; stop below 1712. A break lower however targets 1707/06.
Silver scalping levels for today are first resistance at 1720/24 & first support at 1690/95. Stop below 1680. A break lower targets 1670/65 then 1650/45. A break lower targets 1620/15.
Shorts at 1720/24 stop above 1730. A break higher targets 1735/37 with strong resistance at 1755/62. A break higher targets 1780/85, perhaps as far as 1810/20.
Trends
Weekly outlook is positive.
Daily outlook is positive.
Short Term outlook is neutral.
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