Gold – Silver

Gold Spot topped exactly at strong resistance at 1742/45.

We wrote: Likely to see some profit-taking, perhaps as far as 1730/28 today. Aperfect call as we bottomed exactly at 1730. Watch these levels again today – we could trade sideways for a while to consolidate gains.

Silver Spot hits the most important resistance of the week at 2525/35 & holds here,with a small potential double top likely to adds pressure too the downside at this stage.

Daily analysis

Gold hit the next target & strong resistance at 1742/45. We topped exactly here. We bottomed exactly at first support at 1730/28 as predicted & we must watch for a lowfor the day here again. However a break below 1725 risks a slide to to very strong support at 1920/18. This could be a low for the correction if tested.

An unexpected break above 1745 targets 1755/60.

Silver bounces to strong resistance at 2525/35. Shorts need stops above 2545. A break higher is very positive in the medium term initially targeting 2570/80 then2610/20.

Failure to beat very strong resistance at 2525/35 targets 2495/90 (we bottomed exactly here yesterday) & probably first support at 2475/70. Watch for a low for theday here but further losses could be seen in to the end of the week.

Chart

Silver

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