Gold shorts at 1704/06 worked perfectly at least 3 times in the morning sessions, each time offering up to 10 points profit, hitting targets 1696/95 and 1690/88. The outlook remains neutral/negative as we still hold below 1711. The same levels apply for today.
Silver still sideways.
Today’s Analysis
Gold holding what should be key resistance at 1704/06 targets 1696/95 and 1690/88, perhaps as far as 1680/78. Further losses meet minor support at 1670/69. A break lower tests the 2 week low at 1661/59.
Bulls are only back in control on a break above 1711. A break higher targets 1713/14 and 1720/22. perhaps as far as 1728/30 for some profit taking on longs.
Silver first support at 1483/81 then strong support at 1450/46. A break below 1440 targets 1422/20.
First resistance at 1518/22 but above here re-targets 1541/42, perhaps as far as 1549/1551.A break higher targets 1559/62. Try shorts at 1583/88 with stops above 1593.
Trends
- Weekly outlook is positive
- Daily outlook is neutral
- Short Term outlook is neutral