Gold trades sideways as expected but breaks best support for today at 1951/1947.
Longs stopped below 1942 for a short term sell signal targeting 1937, 1931 (missed by just a point yesterday), perhaps as far as 1 month trend line support at 1924/22.
Try longs with stops below 1918.
We topped exactly at resistance at 1950/60 overnight. A break above 1970 however would then be more positive targeting 1980, perhaps as far as 2 week trend line resistance at 1987/89.
Silver hits the best buying opportunity for today at 2725/15. Try longs with stops below 2705. A break lower is a sell signal targeting 2650/40.
Longs at 2725/15 target 2760/70. Above 2780 targets 2810, perhaps as far as 2830.
If we continue higher look for 2845/50, before resistance at yesterday’s high of 2883/88.
Trends
- Weekly Outlook Neutral
- Daily Outlook Neutral
- Short Term Outlook Neutral
