Gold – Silver

Gold Spot crashed 36 points from quite strong resistance at 1920/22, in about an hour. Yesterday we recovered 75% of the fall! This is a crazy market to trade at the moment. We wrote: Holding short term trend line support at 1890/88 should be positive for today in short term oversold conditions. A bounce targets 1899/1900 with first resistance at 1904/09.

We over ran by just 3 points, but shorts here worked eventually on the slide to 1892/91.

Silver Spot unexpectedly wiped out all of Friday's strong gains with just a small bounce yesterday.

Daily Analysis

Gold key support at 1894/92 today. A bounce targets first resistance at 1899/1904. We should struggle here. 2nd resistance at 1910/12. A break higher meets strong resistance at 1918/22.

Longs at 1894/92 need stops below yesterday's low at 1889. A break lower is a sell signal targeting 1886 & this week's low at 1883/82. Be ready to sell a break below to test last week's low at 1873/72 with strong support 100 day moving average support at 1870/68. Longs need stops below 1865. A break below here is a medium term sell signal.

Silver has collapsed through first support at 2460/50 targeting 2415/10 with support at 2370/50. A break lower targets 2310/00.

Minor resistance at 2440/50 but above here targets 2475/85 & 2520/25.




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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