Gold: 1316/15 Is Key To Direction; Silver Longs Look Risky
Jason Sen | Jan 10, 2018 05:10AM ET
Gold key to direction is resistance at 1316/15. Holding below here re-targets 1310/09 then a buying opportunity at 1306/04. Stop below 1300. A good chance we hold first resistance at 1315/16 but above 1318 allows a recovery to 1321/22 before a retest of 1325/26. Further gains target 1330/31 and 1334/35.
Silver Spot key to direction today is strong support at 1690/85 with a low for the day likely as stated yesterday, but longs look risky. However a break below 1680 targets 1665/60 before a buying opportunity at 1627/22.
Minor resistance at 17.05/08 but key resistance again at 1718/20 of course – stops above 1735. A break higher however will be a very strong longer term buy signal targeting 1745, 1765, 1785/95 and the September high at 1820.
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