Gold & Silver Daily Forecast
Jason Sen | Aug 17, 2018 04:59AM ET
Gold bottomed over night at 1160 for a strong recovery to resistance at 1177/78. Bulls then need a break above 1182 to target 1184/85 & strong resistance at 1188/90. Try shorts with stops above 1195.
Holding below 1177/80 meets minor support at 1172/71 before the low at 1130/59. A break below 1157/56 in the bear trend always possible targeting 1150/49 & 1145.
Silver stablized - no buy signal but we are of course severely oversold. The bounce topped just 5 ticks above resistance at 1475/77 where a high for the day was expected. Above 1485 allows a further recovery towards 1490/91 before a selling opportunity at 1500/04. Try shorts with stops above 1512.
Minor support at 1457/59 before the low at 1430. Further losses target 1420/18 & 1405/00.
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