Neutral Outlook For Gold And Silver
Jason Sen | Mar 08, 2021 12:57AM ET
Gold trying a small recovery in oversold conditions. First resistance at 1705/08 but above 1710 allows a recovery to 1722/26. Watch for a high for the day. Shorts need stops above 1729.
Holding first resistance at 1705/08 keeps us in a bear trend targeting 1694/90 before a retest of strong support at 1685/80. A low for the day likely again. A break lower however targets the 100 week moving average at 1650/45.
Silver holding below strong resistance at 2540/50 keeps the outlook negative to target 2525/15 & 2475/65, eventually as far as 2430/20.
A selling opportunity at 2540/50 with stops above 2575. A break higher meets strong resistance at 2510/20.
Trends
- Weekly Outlook Neutral
- Daily Outlook Neutral
- Short Term Outlook Neutral
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