Gold & Silver Spot
Previously we wrote:
Gold has really calmed down as we hover above very strong longer-term Fibonacci support at 1453/50. Obviously this is key to direction.
We have rocketed from this level. Perhaps now the panic selling to cover margins in stock markets has abated, the focus will return to gold as a safe haven/inflation hedge. We are through strong resistance at 1510/12 and strong resistance at 1547/49 to the next target of 1573/78 as I write.
Silver follows Gold higher.
Today’s Analysis
Gold bulls back in control after some base building at very strong longer-term Fibonacci support at 1453/50.
I think it is worth buying into weakness or buying above resistance now. A break above minor resistance at 1573/78 targets 1583/84, 1591/93 and minor resistance at 1595/97 for some profit-taking.
Support for buying opportunities is at 1561/60 with better support at 1549/47. Stop below 1443.
Silver beats strong resistance at 1340/50 to target 1390/99 then strong resistance at 1445/55.
First support at 1350/45 could hold the downside but below here targets 1290/80.
Trends
- Weekly outlook is negative
- Daily outlook is negative
- Short Term outlook is neutral