Gold: A break below 1696 is a sell signal
Gold and Silver Spot
Gold clearly remains in a sideways range – as predicted weeks ago! However shorts at 1702/04 stopped above 1709 for a buy signal targeting 1713/14 & 1720/22.
Daily Analysis
Gold outlook is more positive as we hold above 1702/04 targeting 1713/14 & 1720/22, perhaps as far as 1728/30 for some profit taking on longs. However if we continue higher look for 1738/40.
Buy at 1703/01, with stops below 1696. A break lower is a sell signal targeting 1693/92, with a buying opportunity at 1680/77. Stop below 1670.
Silver tests resistance at 1549/1551. A break higher targets 1559/62. Try shorts at 1583/88 with stops above 1593.
If we remain in a sideways trend & turn lower look for 1515/10 then a buying opportunity at 1500/95, with stops below 1490.
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