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Gold Spot we wrote: outlook remains negative despite some stability yesterday.
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Gold lower yesterday as expected as we test best support for this week at 1879/75. Longs need stops below 1870.
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Silver we wrote: holding first resistance at 2380/90 for a sell signal targeting 2340/35 & minor trend line support at 2300/2295.
Daily analysis
Gold hit all downside targets as far as best support for this week at 1879/75. Longs need stops below 1870. A break lower is an important medium-term sell signal initially targeting 1955/53, 1850 & 1844/42, perhaps as far as strong support at 1838/35.
Longs at 1879/75 target 1890 & 1906/09. If we continue higher look for resistance at 1920/25.
Silver holding first resistance at 2380/90 for a sell signal targeting 2340/35 (hit) & minor trend line support at 2300/2295. A low for the day is certainly possible today. Longs need stops below 2290. A break lower is another important sell signal with a 100 tick drop possible.
Shorts at first resistance at 2380/90 stop above 2410. An unexpected break higher is a buy signal targeting 2440/50.
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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