Gold, Silver Outlook Remains Positive Despite Severely Overbought Conditions
Jason Sen | Apr 09, 2024 06:03AM ET
Gold and Silver outlook remains positive despite severely overbought conditions. This week's target is $2370/74.
Gold (XAU/USD): Gold made a low for the day exactly at my buy level of support at 2310/00 just after the open at around 2 am UK time.
If you managed to catch this opportunity it was yet another perfect buying opportunity as we immediately shot higher to 2341.
Clearly Gold remains in a strong bull trend with significant gains again on Monday as expected. We wrote: On a break above 2332 today we target 2343/46 and 2359/62.
If you bought the break above 2332, we got to within 2 points of 2343/46.
Above here today look for a test of the all-time high at 2352/54. Above the all-time high targets 2359/62. Even 2370/74 is possible this week.
Support could be higher today at 2326/22 and longs need stops below 2317. On a break lower look for a buying opportunity at 2308/03 and longs need stops below 2299.
Silver (XAG/USD): Silver made a low for the day exactly at support at 2690/2675 and longs worked perfectly on the very quick bounce to 2800.
First support at 2724/19 today and longs need stops below 2700. Targets are 2755, 2785, 2805.
A break lower however risks a slide to support at 2670/60. Longs need stops below 2640. Targets: 2710, 2760, 2790.
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