Gold still trading sideways as we predicted many days ago and still holding the best support at 1694/93.
Silver is not worth trading when there appear to be better opportunities in Gold. However we bottomed exactly at first support at 1505/00 to target 1514/17 but not quite as far as last week’s high of 1541/42.
Gold best support for today a little higher at 1699/97 but be ready to sell a break below 1690 to target 1679/76 for profit taking on shorts. If we continue lower look for 1672/70, perhaps as far as 1661/59.
Longs at 1699/97 targets 1704/06, 1712/13, perhaps as far as 1718/20. Unlikely but if we continue higher look for 1728 and 1731/32 before a retest of 1738. Obviously we have key resistance at the bull market high of 1744/46. A sustained break above is a buy signal initially targeting 1750/51.
Silver lacking any direction as we trade sideways throughout April. First support at 1505/00 but below 1490 targets 1483/81, perhaps as far as strong support at 1451/48.
Minor resistance at 1514/17 and again at last week’s high of 1541/42 but above here targets 1552 and 1559/62. Try shorts at 1583/88 with stops above 1593.
Trends
- Weekly outlook is positive
- Daily outlook is neutral
- Short Term outlook is neutral