Gold: Held 1279/78 Level
Jason Sen | Oct 19, 2017 05:13AM ET
Gold just held the 1279/78 level. Bulls have one last chance to regain control & it must be achieved today. 1278/76 is short term Fibonacci support but more importantly the 100 day moving average. In oversold short term conditions bulls look likely to push higher now to 1283/84 & quite strong resistance at 1288/89. We should struggle here but if a break higher is seen eventually (I believe it can be done before the weekend) look for 1292/93 & strong resistance at 1299/1301.
It should be worth trying longs on a dip towards 1278/77 with stops below 1273. A break & close below 1274 keeps the pressure on for 1270/69, 1267 & possibly a retest of the 1262/60 low. This should be an excellent buying opportunity.
A similar picture for Silver Spot with very strong support at 1692/1688 holding. Above 1700/05 opens the door to 1725/30 & 1740/45.
Only a break below 1670 turns the outlook negative again targeting 1655/50, perhaps as far as 1630/25.
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