Gold And Silver: Sep 3, 2020 Forecast
Jason Sen | Sep 03, 2020 07:18AM ET
Gold trades sideways as expected but breaks best support for today at 1951/1947.
Longs stopped below 1942 for a short term sell signal targeting 1937, 1931 (missed by just a point yesterday), perhaps as far as 1 month trend line support at 1924/22.
Try longs with stops below 1918.
We topped exactly at resistance at 1950/60 overnight. A break above 1970 however would then be more positive targeting 1980, perhaps as far as 2 week trend line resistance at 1987/89.
Silver hits the best buying opportunity for today at 2725/15. Try longs with stops below 2705. A break lower is a sell signal targeting 2650/40.
Longs at 2725/15 target 2760/70. Above 2780 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
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.