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Silver Beat 10-Year Trend Line Resistance At 1580/90

Published 02/04/2019, 12:19 AM
Updated 07/09/2023, 06:31 AM

Gold - Silver

Gold meets very strong resistance at 1324/26. Try shorts with stops above 1328. A break higher is a strong medium-term buy signal targeting 1334/35, 1340/41, 1345/46 and 1349/50.

Minor support at 1318/17 (WE BOTTOMED EXACTLY HERE), better support at 1314/13 but longs are too risky. Further losses target 1310 and support at 1309/07.

Silver must hold above 10-year trend line resistance at 1580/90 (in fact we bottomed exactly here on Friday) but we meet very strong resistance at 1625/30. In overbought conditions, try shorts with stops above 1637. A break higher is a huge longer-term buy signal, but I need to see a weekly close above for confirmation tonight.

Minor support at 1589/87, better support at 1575/72 is a buying opportunity with stops below 1567.

Latest comments

"Silver finally beat 10 year trend line resistance as expected " really? As expected?? 5 out of 5 of your silver calls in the last few months are a sell from as low as 14 back in November,, the ONLY buy call you posted was "try longs at 13.67" never got to that level..
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