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Gold Prices Ready To Break Higher?

Published 10/21/2020, 02:00 AM
Updated 07/09/2023, 06:31 AM

Gold longs hit 1913/15 for some profit-taking with key 6 week trend line resistance at 1917/19. I think we will break higher. A break above 1923 should be enough confirmation of a medium-term buy signal initially targeting the October high at 1932/33. A break higher targets 1940 and 1945.

Failure to beat key 6-week trend line resistance at 1917/19 targets 1913/12, perhaps as far as a buying opportunity at 1904/00, with stops below 1895. A break below here is a medium-term sell signal.

Silver beats minor resistance at 2440/50 targeting 2475/85 & 2520/25.

First support at 2450/40 but below here meets strong support at 2415/05. Longs need stops below 2395. A break lower target 2360/50 perhaps as far as 2310/00.

Trends

  • Weekly Outlook Neutral
  • Daily Outlook Neutral
  • Short Term Outlook Neutral

XAU Chart

Latest comments

breaking to 1940
Thank you for analysing, great reading as always
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