Gold Spotin a volatile sideways consolidation exactly as predicted many days ago, making holding longs risky at this stage despite the longer term bull trend. There are risks of a further correction to the downside.
An unexpected spike up to the selling opportunity at 1970/75 was a gift as we topped exactly here and immediately crashed through minor support at 1928/26 for next targets of 1921 and 1914/12. We are seeing a small bounce back to minor resistance at 1950/52.
I would only consider medium term long positions again on a break above 1980. Silver Spot also in an erratic, volatile sideways trend and likely to remain difficult to trade.
TODAY’S ANALYSIS
Gold same levels apply despite today’s volatile conditions with minor levels at 1933/35 and at 1950/52 in the sideways trend. Strongest resistance at 1970/75 remains the better selling opportunity this week. Shorts need stops above 1980. A break higher is more positive initially targeting 1990 and 1996/98.
Minor support at 1933/35 but below here targets 1928/26 and 1921 before a retest of 1914/12. Further losses retest 1902/00. A break lower targets 1193/92 and perhaps as far as 1884/82.
Silver holding first support at 2705/00 re-targets resistance at 2735/40. Unlikely but further gains retest this week’s high at 2785/90 before last week’s high 2740/44.
Good support at 2670/55. A break below 2645 is a sell signal targeting 2630 and 2605/00, perhaps as far as 2575/70. A break below 2560 risks a slide to 2510, perhaps as far as support at 2485/75.
TRENDS
Weekly Outlook Neutral
Daily Outlook Neutral
Short Term Outlook Neutral
Gold Chart
