Gold likely to continue to trade sideways in the days ahead. The best support for today is at 1951/1947. Try longs with stops below 1942. A break lower is a short term sell signal targeting 1937, 1931, perhaps as far as 1 month trend line support at 1924/22. Try longs with stops below 1918.
There’s very minor support at 1960 and if we bounce from here this morning we meet strong resistance at 1970/75. Shorts need stops above 1980. A break higher tests 2 week trend line resistance at 1989/91. (This is the upper trend line of the triangle).
Bulls need a break above here for a buy signal targeting 1999/2001, perhaps as far as 2 week highs at 2012/14.
Silver meets minor support at 2780/75 but below here meets the best buying opportunity for today at 2725/15. Try longs with stops below 2705.
Holding minor support at 2780/75 targets 2810, perhaps as far as 2830. If we continue higher look for 2845/50, before resistance at yesterday’s high of 2883/88.
Trends
- Weekly Outlook Neutral
- Daily Outlook Neutral
- Short Term Outlook Neutral
XAU Chart