Silver spot hits the most important resistance of the week at 2525/35
|Gold – Silver
Gold Spot topped exactly at strong resistance at 1742/45.
We wrote: Likely to see some profit-taking, perhaps as far as 1730/28 today. Aperfect call as we bottomed exactly at 1730. Watch these levels again today – we could trade sideways for a while to consolidate gains.
Silver Spot hits the most important resistance of the week at 2525/35 & holds here,with a small potential double top likely to adds pressure too the downside at this stage.
Daily analysis
Gold hit the next target & strong resistance at 1742/45. We topped exactly here. We bottomed exactly at first support at 1730/28 as predicted & we must watch for a lowfor the day here again. However a break below 1725 risks a slide to to very strong support at 1920/18. This could be a low for the correction if tested.
An unexpected break above 1745 targets 1755/60.
Silver bounces to strong resistance at 2525/35. Shorts need stops above 2545. A break higher is very positive in the medium term initially targeting 2570/80 then2610/20.
Failure to beat very strong resistance at 2525/35 targets 2495/90 (we bottomed exactly here yesterday) & probably first support at 2475/70. Watch for a low for theday here but further losses could be seen in to the end of the week.
Chart
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.