Gold and Silver

Spot Gold hit the next downside target of 1536/35 then bounced to first resistance at 1549/51 & strong resistance at 1556/58. As I write we topped exactly here.

Silver bounce from the 1770/66 target beat strong resistance at 1790/95 & is hitting our selling opportunity at 1805/10 as I write.

 

Daily Analysis

Gold hits strong resistance at 1556/58 as we become overbought in the short term. A break above 1561 however targets 1564/65. If we continue higher look for 1572/74.

Shorts at strong resistance at 1556/58 target 1552/50 & below 1548 look for 1542/40 then minor support at 1536/35. A break lower today tests minor support at 1530/28 today. A break below 1526 is the next sell signal.

Silver selling opportunity at 1805/10, with stops above 1820. A break higher however opens the door to 1835/40 & perhaps as far as 1860/65.

Shorts at 1805/10 target 1792/90, perhaps as far as 1780/77. Minor support at the 1768/64 low. Be ready to sell a break below 1760 targeting 1745/40.

 

Trends

Weekly outlook is positive.

Daily outlook is positive.

Short Term outlook is negative.

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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