Gold & Silver Spot
Gold break below 1200 was our sell signal targeting 1190, 1188/87, 1180, 1172/71, 1166/65 & all have been hit. This more than makes up for the losses on the failed long positions above 1200. We bottomed over night at 1160 & have seen a strong recovery. This looks like a short term capitulation as longs panic. If we can hold above 1171/70 we can see a further recovery to resistance at 1177/78. Bulls then need a break above 1181 to target 1184/85 & strong resistance at 1188/90. Try shorts with stops above 1195.
A break below 1157/56 targets 1150/49 & 1145.
Silver shorts worked perfectly from below 1510 with a 75 point profit as we hit 1430. We have stablised & while there is no buy signal we are of course severely oversold. The bounce is likely to target 1457/59 but expect resistance at 1475/77. Watch for a high for the day.However above 1480 allows a recovery to towards 1490/91 before a selling opportunity at 1500/04. Try shorts with stops above 1512.
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