Gold & Silver Spot
Gold shorts at 1715/18 worked perfectly targeting 1707/06 & 1702 but we missed our buying opportunity at 1690/88 by just 3 points.
Silver longs at 1690/95 worked perfectly hitting targets of 1720/24 & 1735/37.
Daily Analysis
Gold sell at 1715/18 targeting 1707/06 & 1702, perhaps as far as 1695. Buy at 1690/88, with stops below 1684. Sell a break lower targeting 1681/80 & 1674/72.
Shorts at 1715/18 need stops above 1721. A break higher targets 1725/27. Sell at 1735/37 with stops above 1740. A break higher targets 1750, perhaps as far as 1755/57, before a retest important resistance at 1763/65. Shorts need stops above 1768. A break higher is a buy signal despite overbought conditions.
Silver key support at 1690/95. Stop below 1680. A break lower targets 1670/65 then 1650/45. A break lower targets 1620/15.
Longs at 1690/95 targets 1720/24, perhaps as far as 1730. A break higher targets 1735/37 with strong resistance at 1755/62. A break higher targets 1780/85, perhaps as far as 1810/20.
Trends
Weekly outlook is positive.
Daily outlook is positive.
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.
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