Gold prices crashed – I hope you managed to sell the break lower. We have hit 1821 overnight. We are oversold short term so a bounce from here is possible but without a buy signal longs are too risky. Minor resistance at 1834/35. Gains are likely to be limited but expect strong resistance at 1843. We can start to sell into shorts here and add up to 1850 with stops above 1860.
Be ready to sell a break below 1820 for 1813/12 and strong support at 1800/1795 for profit-taking. Longs need stops below 1790. A break lower is an important sell signal.
Silver shorts at 2535/45 offered over 100 points profit as we hit the target of 2325/20. We are oversold short term but gains are likely to be limited with first resistance at 23.55/65. We can start to sell here and add on further gains to 2380/90, with stops above 2400.
Be ready to sell a break below 2320 for 2305/00 and strong support at 2290/80 for profit-taking. Abba the October low at 2256 is the next sell signal initially targeting 2210/00
Trends
- Weekly Outlook Neutral
- Daily Outlook Neutral
- Short Term Outlook Neutral
