Gold spot we wrote: Surely we must breakout of this range sooner rather than later!…first support at 1724/21. A break below 1719 could trigger losses towards 1717/15 & 1707/05, perhaps as far as 1700/1698.
This was perfect! The break below hit 1705 & even the bounce topped exactly at 1715/17. Outlook now negative.
Silver spot edging lower to retest last week’s low at 2450/40.
Today’s Analysis
Gold outlook negative & holding first resistance at 1715/17 re-targets 1707/05 then 1700/1698. A good chance of further losses eventually to very important strong support at 1685/75.
Strong resistance at 1715/17. Bulls need a break above 1720 but we meet strong resistance again at 1724/28.
Silver breaks support at the 200 day moving average at 2485/75 which turns the outlook more negative & risks a retest of last week’s spike low at 2445/40. A break below here can target 2415/10, perhaps as far as 2370/60.
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