Gold And Silver: Neutral Outlook

Published 10/14/2020, 03:23 AM
Updated 07/09/2023, 06:31 AM

Gold crashed as far as 1882. An unexpected 40 point loss yesterday afternoon. Holding short term trend line support at 1890/88 should be positive for today in short term oversold conditions. A bounce targets 1899/1900 with first resistance at 1904/09. A break higher meets strong resistance at 1918/22.

Longs at 1890/88 need stops below yesterday’s low at 1882. A break lower targets last week’s low at 1873/72 with strong support 100 day moving average support at 1870/68. Longs need stops below 1865. A break below here is a medium term sell signal.

Silver has collapsed through first support at 2460/50 targeting 2415/10 with support at 2370/50. A break lower targets 2310/00.

Minor resistance at 2440/50 but above here targets 2475/85 & 2520/25.

Trends

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

XAU Chart

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