Gold prices crashed; be ready to sell a break below 1820
|Gold – Silver
Gold Spot shorts at 1875/78 worked perfectly again. This time we crashed through important support at the November low at 1850/49. Longs stopped below support atthe September low at 1848/47 for a sell signal initially targeting 1835.
Silver Spot shorts at 2535/45 worked perfectly hitting targets of 2390/85, 2360/55 &2325/20. In fact, as I write we bottomed exactly here for a potential 100 point profit
Daily Analysis
Gold prices crashed – I hope you managed to sell the break lower. We have hit 1821 over night. We are oversold short term so a bounce from here is possible but without a buy signal longs are too risky. Minor resistance at 1834/35. Gains are likely to be limited but expect strong resistance at 1843. We can start to sell in to shorts here & add up to 1850 with stops above 1860.
Be ready to sell a break below 1820 for 1813/12 & strong support at 1800/1795 forprofit taking. Longs need stops below 1790. A break lower is an important sell signal.
Silver shorts at 2535/45 offered over 100 points profit as we hit the target of 2325/20. We are oversold short term but gains are likely to be limited with first resistance at 23.55/65. We can start to sell here & add on further gains to 2380/90,with stops above 2400.
Be ready to sell a break below 2320 for 2305/00 & strong support at 2290/80 forprofit taking. Abba the October low at 2256 is the next sell signal initially targeting 2210/00
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