Gold: Longs Out Of The Question; Silver Topped At 1670
Jason Sen | May 28, 2018 01:50AM ET
Gold failure to beat 1306/08 sees us retrace to target of 1301/00 and 1297 with minor support at 1293/92 for some profit taking perhaps. Longs definitely out of the question and further losses target 1288/87.
Key to direction is strong resistance at 1306/08 this week. Shorts need stops above 1310. A break higher is a buy signal targeting 1313/14, 1317/18 and perhaps as far as 1323/26.
Silver unable to beat the next target of 1670 and we topped exactly here. Now back below support at 1655/50 to the next target of 1644/42 and perhaps as far as 1633/30 today.
Minor resistance at 1650/55 but above here targets 1670 before resistance at 1680/85.
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