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.



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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