Gold, Silver and stock markets buy signals – Dollar sell signal
|XAU/USD
- Gold hit the next targets of 5060/63, 5075, 5085. 5095 & as 5110 on Monday.
- On Tuesday we hit my next targets of 5128/5130, 5145/46, 5165/68 & ran as far as 5234 as I write over night.
- Today I look for 5260/65, 5290/95 & perhaps as far as 5310/15 eventually.
- Minor support at 5190/5180 & longs need stops below 5160.
- A break lower risks a slide to support at 5105/5095 & longs need stops below 5080.
- Just be aware that a daily close below 5150 risks a more neutral short term outlook but there's definitely no sell signal despite severely overbought conditions at this stage.
XAG/USD
- Silver hit all targets again as we race as far as 117.69.
- Holding above 106.50/106.00 was positive for today & although we dipped to 105.00 silver recovered quickly.
- This can allow a retest of the new all time high at 117.69 although we only crawled to 114.54 as I write over night.
- A break above 117.69 can target 119.80, 121.20, 122.20, 123.30, 124.90.
- Holding above 113.50/113.00 keeps bulls in full control today.
- However a break below 112.50 risks a slide to 111.20/110.70.
- A break below 109.50 can target 106.20/105.60.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.