Gold hit all downside targets as far as best support for this week at 1879/75 [Video]
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Gold Spot we wrote: outlook remains negative despite some stability yesterday.
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Gold lower yesterday as expected as we test best support for this week at 1879/75. Longs need stops below 1870.
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Silver we wrote: holding first resistance at 2380/90 for a sell signal targeting 2340/35 & minor trend line support at 2300/2295.
Daily analysis
Gold hit all downside targets as far as best support for this week at 1879/75. Longs need stops below 1870. A break lower is an important medium-term sell signal initially targeting 1955/53, 1850 & 1844/42, perhaps as far as strong support at 1838/35.
Longs at 1879/75 target 1890 & 1906/09. If we continue higher look for resistance at 1920/25.
Silver holding first resistance at 2380/90 for a sell signal targeting 2340/35 (hit) & minor trend line support at 2300/2295. A low for the day is certainly possible today. Longs need stops below 2290. A break lower is another important sell signal with a 100 tick drop possible.
Shorts at first resistance at 2380/90 stop above 2410. An unexpected break higher is a buy signal targeting 2440/50.
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