Gold Spot edges slowly back to very important resistance at 1787/90 and holds. Obviously this is key to direction in severely overbought conditions.
Silver Spot beat first resistance at 1806/09 hitting targets of 1821/23 & important resistance at the 1 month high at 1835/37. We topped exactly here.
Today’s Analysis
Gold beat strong resistance at 1778/82 to retest and hold very important resistance at 1787/90. It is worth trying shorts with stops above 1800. A break above 1800 is a strong buy signal despite overbought conditions targeting 1812/14, 1825/27 and 1835/37.
Shorts at 1787/90 target 1780/78 with support at 1772/70. A break lower targets 1767/65 with the best support for today at 1761/59. Longs need stops below 1755. A break below 1755 is a sell signal targeting strong support at 1746/43.
Silver first support at 1820/18 then best support for today at 1808/05. Longs need stops below 1800. A break lower targets 1787/83 then a buying opportunity at 1775/65, with stops below 1760.
We held important resistance at the 1 month high at 1835/37. Shorts need stops above 1845.
A break higher is a medium-term buy signal targeting 1860/63 and 1882/85.
Trends
- Weekly outlook is positive
- Daily outlook is neutral
- Short Term outlook is neutral