Gold & Silver Spot
Gold gaped lower on the open to hold good support at 1602/1597 & then took off through 1624/26 beating 1633/35 & the last swing high at 1642/43 to hit 1671 over night.
Silver beat key resistance at 1450/55 for a buy signal targeting 1500/10, 1535/40 then 1560/65. We missed this target by only 11 points.
Daily Analysis
Gold bulls seize control. A dip from 1671 meets minor support at 1654/53 with best support at 1645/42. Try longs with stops below 1638. An unexpected break lower risks a slide to 1635/34 & support at 1631/29.
1671/72 does not appear to be a strong resistance levels so be ready to buy a break higher targeting 1686/88 & is more resistance at the bull market high 1700/02. A break above here is obviously positive.
Silver bulls seize control as we head towards 1560/65. First support at 1495/91 but below here meets a buying opportunity at 1460/55, with stops below 1445.
Bulls need a break above 1560 to target strong resistance at 1590/92. Above 1600 meets more minor resistance at 1618/22.
Trends
Weekly outlook is positive.
Daily outlook is positive.
Short Term outlook is positive.
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.
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