Gold spot longs at 1685/80 worked perfectly after we predicted a significant recovery to strong resistance at 1740/45. A high for the week was expected & we topped exactly here yesterday.
We predicted the exact low and high for the week. Nobody can beat that!
Silver spot beat resistance at 2540/50 to hit the next target and strong resistance at 2610/20.
TODAY’S ANALYSIS
Gold longs at 1685/80 offered 65 points profit on the week. We topped exactly at strong resistance at 1740/45. Anyone inn to shorts here has seen a further 20 point profit on the slide to 1716. The best support for today is at 1716/11. Try longs with stops below 1708. A break lower is a sell signal targeting 1700/1690, before a buying opportunity at 1685/80. Stop below 1673.
Strong resistance again at 1740/45. Shorts need stops above 1750.
Silver holding above 2540/50 meets strong resistance at 2610/20. A break above targets strong resistance at 2670/80.
A break below 2540 risks a slide to last week’s low at 2490/2480.
TRENDS
- Weekly Outlook Neutral
- Daily Outlook Neutral
- Short Term Outlook Neutral
XAU Chart 