Gold sell signal on the breakout yesterday. We oversold short term, so a bounce to the 1302/08 area is possible. Try shorts with stops above 1312.
Eventually prices are expected to continue lower and a break below 1388 targets longer term moving average support at 1278/77. This is likely to hold initially but longs are risky. Further losses target 1273/72 and trend line support at 1269/67.
Silver topped exactly at our selling opportunity at 1680/85 hitting targets 1670, 1655 and 1635 then minor trend line support at 1600/1595. However outlook remains negative so it should be worth holding shorts. A break below 1590 is another sell signal targeting 1584/82, 1575/73 and 1562/57.
A small bounce is possible to ease short term oversold conditions with minor resistance at 1635 but strong resistance at 1655 a selling opportunity, with stops above 1660.
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