Silver shorts at the high for the day work nicely
|Gold
- Gold headed for strong resistance at 5100/5150 exactly as predicted.
- We wrote: This will be key to direction now & shorts need stops above 5200.
- This proved top be correct & it certainly was key to direction with a high for the day only $8 below the sell level.
- Gold then immediately fell as far as my target of 4880/4860 for profit taking on any shorts.
- We then made a low for the day exactly at support at 4880/4840 & shot higher to 5023 for a potential 1500 tick profit on this trade.
- Try longs here again today with stops below 4795.
- A break lower today however can target 4690/4670.
- Resistance again at 5100/5150 & shorts need stops above 5200.
- Just be aware that a break above 5200 can target 5310/5330.
Silver
- Silver hit resistance at 9050/9150 & our short positions here worked perfectly on the collapse from 9220.
- In fact prices collapsed almost as far as support at 8320/8220, with a low for the afternoon only a little above here at 8388
- Resistance at 9050/9100 today & again, shorts need stops above 9230.
- A break above 9230 can target 9600/9650.
- For today we should have support again at 8320/8220 & longs need stops below 8100.
- Targets for the bounce: 8500, 8600, 8700.
- However a break below 8100 risks a slide to 8030 & 7830/7800.
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