In a previous commentary, we warned that “A break pass $ 1373 will trigger lower prices around $ 1355 to $ 1345 area”. Downside risk remained, and further selling pressure was building up as we approached the release of the FOMC statement. The bears were clearly winning and had the intention to revisit $ 1321 level. A major short covering could be on the cards if the price is right.
Resistance: $ 1395, $1400, $ 1423
Support: $ 1361, $ 1355, $ 1337
Traders Notes: Short gold as it breaks trend line at $ 1390 / $ 1395 with a target at $ 1361 / $ 1355 – stop loss stands at $ 1403 / $ 1425
Silver traded lower as selling pressure continues to mount. The metal traded at $ 22.00 for awhile, but gave back all the gains made to trade lower at $ 21.54. A weak start to the week as silver made lower high and lower low with most trading contained in the range of $ 21.00 to $ 22.50 area. There were no strong buyers at this price level. Most are short term speculators dip buying on the market and sell when it spiked higher. Investors favor lower silver prices and we may continue to see it weaken before any rebound rally.
Resistance: $ 22.51, $ 23.35, $ 25.59
Support: $ 21.10, $ 19.66, $ 19.00
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A Whipsaw Wednesday For Gold And Silver
Published 06/19/2013, 03:11 AM
Updated 05/14/2017, 06:45 AM
A Whipsaw Wednesday For Gold And Silver
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