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Gold, Silver Surge Again Last Market Session: Levels to Watch

Published 05/21/2024, 02:09 AM
XAU/USD
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XAG/USD
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GC
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SI
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Gold
  • Gold (XAU/USD) initially beat the all-time high at 2431 for a buy signal for this week and hit the target of 2440/43, before unexpectedly collapsing over 40 points to 2407, breaking support at 2431/27.

  • We did make a low for the day at the Fibonacci support at 2410/05 and immediately bounced to the targets of 2421 and 2431 as gold bounced as far as 2437.

  • Same levels apply for today with the best support at 2410/05 and longs need stops below 2400.

  • A break lower however targets 2495 and a buying opportunity at 2381/77. Longs need stops below 2370.

  • Ultimately I see Gold reaching 2456/58, 2470/72, 2478/80 in the bull trend but the timing is impossible to know.

Silver

  • Silver (XAG/USD) shot higher to my 3200 target, reaching 3250 before a bout of profit-taking knocked silver through support at 3160/40.

  • However, we made a low for the day exactly at the buying opportunity at 3100/3080, with a longs working on a very quick bounce to my targets of 3150/55 and 3190, finally reaching 3233.

  • Strong support again at 3100/3080 and longs need stops below 3050. A break lower however risks a slide as far as a buying opportunity at 3010/3000. Longs need stops below 2970.

Silver Hourly Chart

Video Analysis:

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