Gold holding 1317/16 allows a recovery to quite strong resistance at 1325/27 and we topped exactly here on Friday, Monday and Tuesday. However on Wednesday we over ran a little to 1330. Further gains however meet stronger resistance at 1333/35. Exit longs here and try shorts at 1339/40, with stops above 1345.
Key to direction is first support at 1317/16; stops below 1312. A break lower is a sell signal targeting support at 1303/01. Try longs with stops below 1296. A break lower is a sell signal targeting the 200 day moving average at 1289/88.
Silver key to direction is the most important resistance of the week at 1675/85. Failure to beat 1675/85 re-targets 1655/60 and 1640/1635 (we bottomed exactly here last week and 2 pips above on Monday). Further losses risks a retest of the 1622/18 low. I see no reason for this to hold on the next test and a break below will be another sell signal.
Key resistance at 1675/85. Try shorts again with stops above 1695. A break higher however is an important longer term buy signal targeting 1705, 1720 and important resistance at 1725/30 for profit taking.
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