Gold – Silver
Gold Spot beats resistance at 1815/18 for a buy signal targeting 1828/29, 1832/34 & topped exactly at strong resistance at 1840/45. We did turn lower as predicted to 1826/24 & bottomed exactly here.
Silver Spot inside day shows lack of conviction from bulls or bears as we hold 2375/80 on the downside.
Daily Analysis
Gold topped exactly at strong resistance at 1840/45 on the second test over night. Holding here re-targets 1832/30, probably as far as first support at 1826/24. If we continue lower this time there is an excellent buying opportunity at 1814/12, with stops below 1808.
A break above 1846 however signals further gains to 1850, 1857/59 & eventually as far as 1862/65.
Silver holding above 2395/2405 meets resistance at 2440/50. A break above 2460 meets a selling opportunity at 2495/2505 with stops above 2520.
The best support for today is at 2350/40. Longs need stops below 2320. A break lower risks a slide to 2295/85.
Chart
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.
Recommended Content
Editors’ Picks
EUR/USD extends gains above 1.0700, focus on key US data
EUR/USD meets fresh demand and rises toward 1.0750 in the European session on Thursday. Renewed US Dollar weakness offsets the risk-off market environment, supporting the pair ahead of the key US GDP and PCE inflation data.
USD/JPY keeps pushing higher, eyes 156.00 ahead of US GDP data
USD/JPY keeps breaking into its highest chart territory since June of 1990 early Thursday, recapturing 155.50 for the first time in 34 years as the Japanese Yen remains vulnerable, despite looming intervention risks. The focus shifts to Thursday's US GDP report and the BoJ decision on Friday.
Gold closes below key $2,318 support, US GDP holds the key
Gold price is breathing a sigh of relief early Thursday after testing offers near $2,315 once again. Broad risk-aversion seems to be helping Gold find a floor, as traders refrain from placing any fresh directional bets on the bright metal ahead of the preliminary reading of the US first-quarter GDP due later on Thursday.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price.
US Q1 GDP Preview: Economic growth set to remain firm in, albeit easing from Q4
The United States Gross Domestic Product (GDP) is seen expanding at an annualized rate of 2.5% in Q1. The current resilience of the US economy bolsters the case for a soft landing.