Gold Spot sideways in volatile conditions as expected. We cannot hold positions for long as prices chop up and down quite violently. Shorts at 1728/30 worked perfectly looking for a profit at minor support at 1723/22 and again on 1718/16 (both hit) but we overran to 1713 before the bounce to 1728/30 (and topped exactly here).
Silver Spot sideways as expected and outlook remains neutral/negative in the trend. We topped exactly at strong resistance at 1750/60 & bottomed exactly at first support at 1727/25.
Today’s Analysis
Gold we can try scalping minor resistance at 1728/30 again today, looking for a profit at 1723/22 and at 1718/16. A good chance of a bounce from here but stop below 1713. A break lower (if you can quickly switch into a short on a bounce to 1716/18) targets 1707/05, perhaps as far as 1700/1698.
Shorts at a 1728/30 stop above 1733. A break higher targets 1737/39 perhaps as far as strong resistance at the 2 week high of 1742/44. A break higher targets 1750/52.
Silver holding strong resistance at 1750/60 re-targets 1740 and minor support at 1727/25 for some profit taking on shorts. A break lower targets 1705/00 then a buying opportunity at 1685/75 with stops below 1860.
Shorts at 1750/60 need stops above 1770. A break higher targets 1800/10 before last week’s high at 1825/28.
Trends
- Weekly outlook is positive
- Daily outlook is neutral
- Short Term outlook is neutral