Gold Spot loves a consolidation phase! We are in another sideways trend as we top exactly at the 1812/14 target, then dip back to our buying opportunity at 1796/94.
Silver Spot in a 2 steps forward, 1 step back trend. We shot higher to 1935 then reversed all the way back to 1891 overnight.
Today’s Analysis
Gold hit the 1812/14 target as hoped then reversed to our buying opportunity at 1796/94.
Longs need stops below 1791. A break lower is a small sell signal and risks a slide to 1784/82.
Try longs with stops below 1778.
Longs at 1796/94 re-target 1806/07, perhaps as far as 1812/14 before a retest of the 1817 high, with next targets of 1825/27 and 1835/37.
Silver best support today at 1880/77. Longs need stops below 1870. The next downside target and buying opportunity in the bull trend is at 1844/40, stop below 1835.
Holding above 1900 keeps bulls in control re-targeting 1930/35. A break higher targets the 2019 high of 1960/65. Obviously this is key. If we continue higher look for 2000/05.
Trends
- Weekly outlook is positive
- Daily outlook is positive
- Short Term outlook is neutral