Gold – Silver

Gold Spot very much remains in a sideways trend as we bounce back to recover some of Friday's losses & hit strong resistance at 1904/08.

Silver Spot breaks low out of the ascending triangle but has bounced back for a selling opportunity at 2440/50 with stops above 2470.

Daily Analysis

Gold holding strong resistance at 1904/08 is negative for today of course initially targeting 1896/95 (which held on all 3 tests last week). Further losses target 1890 before support at the 100 day moving average at 1882/80.

First resistance at 1904/08 but shorts need stops above 1912/13. A break higher initially targets 1917/18. Above 1920 allows a recovery to 1925 & strong resistance at 1930/32.

Silver holding strong resistance at 2440/50 initially targets 2420/10. A break lower targets 2405/00 then 2360/50. On further losses look for 2310/00.

Shorts at 2440/50 stop above 2470. A break higher is buy signal targeting 2510/20. A break above 2530 is another buy signal.

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Chart

Gold

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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