Daily Forecast - 13 July 2018
Gold & Silver Spot
Gold has strong support at 1240/38 coupled with important 200 week moving average at 1234/33. If 1238/33 holds bulls are back in charge. A weekly close tonight below 1230 is a very important longer term sell signal & should trigger significant downside pressure.
Gains are likely to be limited with minor resistance at 1246/47 & 1251/52 but strong resistance at 1255/56 a selling opportunity with stops above 1259.
Silver bottomed exactly at the low at 1573. Below here is a sell signal targeting 1563/60. Not sure if this will hold either & a break lower is another important sell signal (& weekly close below tonight confirmation) initially targeting 1540/37.
First resistance at 1600/02 then strong resistance at 1610/12. Try shorts with stops above 1620.
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.