Gold: Shorts Need Stops Above 1310; Silver Can't Beat 1670 Target
Jason Sen | May 24, 2018 03:40AM ET
Gold held first resistance at 1293/94 but go with a break above 1297 today to target strong resistance at 1302/06 where a high for the day is likely. Shorts need stops above 1310 and bulls need a weekly close above here tomorrow for a buy signal.
Failure to beat first resistance at 1293/94 re-targets 1288/86 but I am less sure this will hold today and we could retest better support at 1282/80. We have important longer term moving average support at 1278/77 but below here targets important Fibonacci and trend line support at 1274/72 for a buying opportunity.
Silver unable to beat the next target of 1670 and sold off back below first support at 1655/50 to the next targets of 1642 and 1633/30. We trade sideways with no direction.
First resistance at 1650/55 but above here targets 1670 before resistance at 1680/85.
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