Gold hits strong resistance at 1556/58
|Gold and Silver
Spot Gold hit the next downside target of 1536/35 then bounced to first resistance at 1549/51 & strong resistance at 1556/58. As I write we topped exactly here.
Silver bounce from the 1770/66 target beat strong resistance at 1790/95 & is hitting our selling opportunity at 1805/10 as I write.
Daily Analysis
Gold hits strong resistance at 1556/58 as we become overbought in the short term. A break above 1561 however targets 1564/65. If we continue higher look for 1572/74.
Shorts at strong resistance at 1556/58 target 1552/50 & below 1548 look for 1542/40 then minor support at 1536/35. A break lower today tests minor support at 1530/28 today. A break below 1526 is the next sell signal.
Silver selling opportunity at 1805/10, with stops above 1820. A break higher however opens the door to 1835/40 & perhaps as far as 1860/65.
Shorts at 1805/10 target 1792/90, perhaps as far as 1780/77. Minor support at the 1768/64 low. Be ready to sell a break below 1760 targeting 1745/40.
Trends
Weekly outlook is positive.
Daily outlook is positive.
Short Term outlook is negative.
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