Silver Bulls In Control, Downside Likely Limited. Gold Gains Remain Possible

www.investing.com/analysis/gold--silver-daily-forecast--16-jul-2020-200530876

By Jason Sen | Jul 16, 2020 02:37AM ET

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XAU/USD

-1.30%

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XAG/USD

-1.81%

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Gold

-1.44%

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Silver

-2.21%

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GLD

-1.35%

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Gold Spot longs at our buying opportunity at 1796/94 worked perfectly as we target 1806/07 and 1812/14 for a potential 16/18 point profit on this scalping opportunity. We are holding this upper target.

Silver Spot initially topped exactly at the 1930/35 target before reaching 1946. We are severely overbought so gains are likely to be limited but we have no sell signal, so shorts are too risky.

XAU Chart

Today’s Analysis

Gold very minor support at 1804/03 with best support at 1796/94 again today. We are holding the 1812/14 but further gains always possible for a retest of the 1817 high, with next targets of 1825/27 and 1835/37.

A buying opportunity again 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.

Silver could trade in a more sideways consolidation to ease overbought conditions but shorts are too risky at this stage. Minor resistance at 1935/40. A break above 1945 targets the 2019 high of 1960/65. Obviously this is key. If we continue higher look for 2000/05.

Bulls are in control so the downside is likely to be limited with minor support at 1924/20 then better support at 1910/05. Try longs with stops below 1895.

Trends

Weekly Outlook Positive
Daily Outlook Positive
Short Term Outlook Neutral

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Silver Bulls In Control, Downside Likely Limited. Gold Gains Remain Possible

Today’s Analysis

Trends

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