Gold: Strongest resistance at 1.970 remains the better selling opportunity this week
|Gold _ Silver
Gold Spot in a volatile sideways consolidation exactly as predicted many days ago, making holding longs risky at this stage despite the longer term bull trend. There are risks of a further correction to the downside.
An unexpected spike up to the selling opportunity at 1970/75 was a gift as we topped exactly here & immediately crashed through minor support at 1928/26 for next targets of 1921 & 1914/12. We are seeing a small bounce back to minor resistance at 1950/52.
I would only consider medium term long positions again on a break above 1980.
Silver Spot also in an erratic, volatile sideways trend & likely to remain difficult to trade. More confusing than Gold imo!
Daily Analysis
Gold same levels apply despite today's volatile conditions with minor levels at 1933/35 & at 1950/52 in the sideways trend. Strongest resistance at 1970/75 remains the better selling opportunity this week. Shorts need stops above 1980. A break higher is more positive initially targeting 1990 & 1996/98.
Minor support at 1933/35 but below here targets 1928/26 & 1921 before a retest of 1914/12. Further losses retest 1902/00. A break lower targets 1193/92 & perhaps as far as 1884/82.
Silver holding first support at 2705/00 re-targets resistance at 2735/40. Unlikely but further gains retest this week's high at 2785/90 before last week's high 2740/44.
Good support at 2670/55. A break below 2645 is a sell signal targeting 2630 & 2605/00, perhaps as far as 2575/70. A break below 2560 risks a slide to 2510, perhaps as far as support at 2485/75.
| Trends | |
| Weekly Outlook | Neutral |
| Daily Outlook | Neutral |
| Short Term Outlook | Neutral |
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