Gold And Silver: Further Gains Ahead Today?

Published 09/01/2020, 05:24 AM
Updated 07/09/2023, 06:31 AM

Gold through resistance at 1970/75 as predicted this time. We wrote: be ready to buy a break above a break above 1980 targeting 1990 and 1996/98. We are on the way to these targets this morning.

Obviously we have strong support at 1975/70. Try longs with stops below 1965.

There is another buying opportunity at 1955/50 with stops below 1945.

Silver also higher of course beating last week’s high at 2785/90 and 2 week highs at 2840/44 reaching 2879. A break above 2880 signals further gains to 2900/05 and 3 week highs at 2937/40 before a retest of the bull market high at 2980/83.

The downside is expected to be limited now with strong support at 2844/40 & again at 2810/00.

Trends

  • Weekly Outlook Neutral
  • Daily Outlook Neutral
  • Short Term Outlook Neutral

XAU Chart

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