Gold Outlook Remains Positive; Silver Holds Selling Opportunity At 1718/20
Jason Sen | Jan 15, 2018 05:27AM ET
Gold outlook remains positive and above 1340 targets the gap at 1342/43 then 1249/50 and the 1357/58 high for 2017. How we meet more important 5 YEAR trend line resistance at 1363/65.
Downside is expected to be limited with first support at 1333/32 then a buying opportunity at 1328/26. Stop below 1322.
Silver Spot holds our selling opportunity at 1718/20 and bottoms exactly at strong support at 1690/85. These levels worked well for scalping opportunities. However a break below 1680 targets 1665/60 before a buying opportunity at 1627/22.
Key resistance again at 1718/20 of course - stops above 1735. A break higher however is expected eventually and will be a very strong longer term buy signal targeting 1745, 1765, 1785/95 and the September high at 1820.
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