Gold & Silver Spot

Gold holding 1317/16 allows a recovery to quite strong resistance at 1225/27 & we topped exactly here on Friday, Monday & Tuesday. Further gains however meet stronger resistance at 1333/35. Exit longs here & try shorts at 1339/40, with stops above 1345. Key to direction is first support at 1317/16; stops below 1312. A break lower is a sell signal targeting support at 1303/01. Try longs with stops below 1296. A break lower is a sell signal targeting the 200 day moving average at 1289/88.

Silver key to direction is the most important resistance of the week at 1675/85. Failure to beat 1675/85 re-targets 1655/60 & 1640/1635 (we bottomed exactly here last week & 2 pips above on Monday). Further losses risks a retest of the 1622/18 low. I see no reason for this to hold on the next test & a break below will be another sell signal. Key resistance at 1675/85. Try shorts again with stops above 1695. A break higher however is an important longer term buy signal targeting 1705, 1720 & important resistance at 1725/30 for profit taking.


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.