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Gold Downside Expected To Be Limited; Silver Longs Need Stops Below 1700

Published 01/16/2018, 04:00 AM
Updated 07/09/2023, 06:31 AM

Gold & Silver Weekly Chart

Gold fills the gap at 1342/43 with some profit taking possible in overbought conditions. Downside is expected to be limited with first support at 1335/34. Stop below 1330 and look for a better buying opportunity at 1326/25. Stop below 1322. Eventually we should continue higher above 1345 to 1249/50 and the 1357/58 high for 2017. However we meet more important 5 YEAR trend line resistance at 1363/65.

Silver Spot finally breaks higher as predicted targeting 1745, 1765, 1785/95 & the September high at 1820. Support at 1720/15 must now hold the downside for bulls to remain in control. Longs need stops below 1700.

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