Goldwe wrote: 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 & strong resistance at 1547/49 to the next target of 1573/78 as I write...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 & minor resistance at 1595/97 for some profit-taking.
Pretty good? However, we continued even higher reaching 1635.
Silver follows Gold higher of course.
Gold bulls back in control as predicted after some base building at very strong longer-term Fibonacci support at 1453/50 & buying above resistance the right strategy. Holding above1610/00 keeps the outlook positive as we look for a break above 162/35 to target 1645/48.Above 1650 look for 1655 & 1670, perhaps as far as 1680 this week.
First support at 1610/00 but below 1590 is less positive risking 1585/83 & 1578/75....but the downside is expected to be limited.
Silver through strong resistance at 1445/55 to 1470 as we look for 1500/10. Shorts are too risky in Gold & silver & if we continue higher look for 1535/40 then 1560/65.
Trends
- Weekly outlook is positive
- Daily outlook is neutral
- Short Term outlook is positive