Gold trades sideways as expected.
Silver scalping first resistance at 1720/24 work yesterday.
Today’s Analysis
Gold gains target 1725/27 with first resistance at 1735/37. Try shorts with stops above 1740. A break higher targets 1750, perhaps as far as 1755/57, before a retest important resistance at 1763/65. Shorts need stops above 1768. A break higher is a buy signal despite overbought conditions.
Shorts at 1735/37 target 1727/25 of course then take profit and buy into longs at 1718/15; stop below 1712. A break lower however targets 1707/06.
Silver scalping levels for today are first resistance at 1720/24 and first support at 1690/95. Stop below 1680. A break lower targets 1670/65 then 1650/45. A break lower targets 1620/15.
Shorts at 1720/24 stop above 1730. A break higher targets 1735/37 with strong resistance at 1755/62. A break higher targets 1780/85, perhaps as far as 1810/20.
Trends
- Weekly outlook is positive
- Daily outlook is positive
- Short Term outlook is neutral