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Gold Hits Targets, Silver Eyes Breakout

Published 11/20/2024, 03:19 AM
XAU/USD
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XAG/USD
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GC
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SI
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Gold

  • Gold (XAU/USD) headed higher as predicted after Monday's buy signal as we approach my 3rd target of 2643 this morning.
  • Yesterday I wrote in my update at 15:15 UK time:
    Gold has some support at 2625/22 so it may bounce from here.
    This proved to be the exact low of the small correction & if you bought here you are already looking at a $20 profit.
  • There is key resistance at 2644/2648. If you have been long from our buy signal on the break above 2603 it's time to take the profit & wait to see the reaction at the resistance.
  • I never trade against the trend but if you want to short here, stop above 2650.
  • A break above 2650 is a buy signal targeting 2661/64.
  • Support again at 2625/22 & longs need stops below 2618.  

Gold Hourly Chart

Silver

  • Silver (XAG/USD) break above 3090 was a buy signal for this week but we have stalled just below the next target of 3160/65.
  • It looks like we could reach 3190 on a break above 3170.
  • As I wrote in my update yesterday at 15:15 UK time:
    Silver support at 3090/3080 & longs need stops below 3060.

Silver Price Chart

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