Gold Prices Ready To Break Higher?
Jason Sen | Oct 21, 2020 02:00AM ET
Gold longs hit 1913/15 for some profit-taking with key 6 week trend line resistance at 1917/19. I think we will break higher. A break above 1923 should be enough confirmation of a medium-term buy signal initially targeting the October high at 1932/33. A break higher targets 1940 and 1945.
Failure to beat key 6-week trend line resistance at 1917/19 targets 1913/12, perhaps as far as a buying opportunity at 1904/00, with stops below 1895. A break below here is a medium-term sell signal.
Silver beats minor resistance at 2440/50 targeting 2475/85 & 2520/25.
First support at 2450/40 but below here meets strong support at 2415/05. Longs need stops below 2395. A break lower target 2360/50 perhaps as far as 2310/00.
Trends
- Weekly Outlook Neutral
- Daily Outlook Neutral
- Short Term Outlook Neutral
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