Gold: Bulls are clearly in control
Gold – Silver
Gold Spot we wrote: A break above 1850 targets 1875/80, 1895/1900 & eventually the 2011 high of 1911/20.
Nearly there after 3 strong days of gains.
Silver Spot we wrote: Bulls in control so a break above 2040 targets 2080/85 & 2300/05, perhaps as far as 2535/39. – We reached 2323 & are pausing but there's no sell signal in overbought conditions.
Daily Analysis
Gold rockets as far as 1895/1900 & eventually likely to retest the 2011 high of 1911/20. Obviously this is going to be key in severely overbought conditions. A sustained break higher (& weekly close above for confirmation) is a buy signal for next week.
With bulls clearly in control the downside is likely to be limited at this stage, despite overbought conditions. However below 1887 risks a slide to 1877/75, perhaps as far as 1867/65.
Silver severely overbought in short & longer term but definitely no sell signal as we hit 2300/05, perhaps as far as 2535/39. If we continue higher look for 2346/49 & 2390/95.
With bulls clearly in control the downside is likely to be limited at this stage, with minor support at 2236/32 & 2195/85.
| Trends | |
| Weekly Outlook | Positive |
| Daily Outlook | Positive |
| Short Term Outlook | Positive |
Chart
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