Gold – Silver
Gold Spot edges slowly back to very important resistance at 1787/90 & holds. Obviously this is key to direction in severely overbought conditions.
Silver Spot beat first resistance at 1806/09 hitting targets of 1821/23 & important resistance at the 1 month high at 1835/37. We topped exactly here.
Gold beat strong resistance at 1778/82 to retest & hold very important resistance at 1787/90. It is worth trying shorts with stops above 1800. A break above 1800 is a strong buy signal despite overbought conditions targeting 1812/14, 1825/27 & 1835/37.
Shorts at at 1787/90 target 1780/78 with support at 1772/70. A break lower targets 1767/65 with the best support for today at 1761/59. Longs need stops below 1755. A break below 1755 is a sell signal targeting strong support at 1746/43.
Silver first support at 1820/18 then best support for today at 1808/05. Longs need stops below 1800. A break lower targets 1787/83 then a buying opportunity at 1775/65, with stops below 1760.
We held important resistance at the 1 month high at 1835/37. Shorts need stops above 1845. A break higher is a medium term buy signal targeting 1860/63 & 1882/85.
Weekly outlook is positive.
Daily outlook is neutral.
Short Term outlook is neutral.
The contents of our reports are intended to be understood by professional users who are fully aware of the inherent risks in Forex, Futures, Options, Stocks and Bonds trading. INFORMATION PROVIDED WITHIN THIS MATERIAL SHOULD NOT BE CONSTRUED AS ADVICE AND IS PROVIDED FOR INFORMATION AND EDUCATION PURPOSES ONLY.