Gold Spot held first support at 1745/40 all morning before a break lower over lunch to strong support at 1730/25. We bottomed exactly at then held above 1745/40 for the rest of the day.
XAG/USD unexpectedly held within Thursday’s range and dipped to 6 pips above the lower support at 2490/80.
Today’s Analysis
Gold first support at 1742/39 but below here can target strong support at 1730/28. Longs need stops below 1724.
Very minor resistance at 1746/48 before a retest of strong resistance at 1758/62.
(There is a risk we trade in a 30 point range all this week). A break above 1764 however targets 1766, 1775 and resistance at 1782/86.
Silver has 2 support levels at 2520/15 and 2490/85. Longs need stops below 2480. A break lower to risks a slide to 2470/65 and 2450/45 and could fall further this week.
A break above 2530 signals a move towards last week’s high and 100 day moving average resistance at 2560/70. A break above 2575 opens the door 2610/20.
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