Gold: A break below 1791 is a small sell signal
Gold – Silver
Gold Spot loves a consolidation phase! We are in another sideways trend as we top exactly at the 1812/14 target, then dip back to our buying opportunity at 1796/94.
Silver Spot in a 2 steps forward, 1 step back trend. We shot higher to 1935 then reversed all the way back to 1891 over night.
| Scalping levels. | Target. | |
| AUDUSD | buying opportunity at 6910/00. Stop below 6880 | 6930, 6970 |
| NZDUSD | buying opportunity at 6500/6490, with stops below 6480 | |
| NZDUSD | selling opportunity at 6660/70. | |
| EURUSD | Unable to sustain a move in 1 direction for more than a day | |
| EURUSD | Best support at 1.1275/65. Longs need stops below 1.1245 | 1.1310,1.1335 |
| EURUSD | A break lower is a sell signal | |
| USDJPY | selling opportunity at 107.20/30, with stops above 107.40 | 107.00, 106.70. |
| Gold | buying opportunity again at 1796/94, stops below 1791 | |
| Gold | buying opportunity at 1784/82. Try longs with stops below 1778. |
Daily Analysis
Gold hit the 1812/14 target as hoped then reversed to our buying opportunity at 1796/94. Longs need stops below 1791. A break lower is a small sell signal & risks a slide to 1784/82. Try longs with stops below 1778.
Longs at 1796/94 re-target 1806/07, perhaps as far as 1812/14 before a retest of the 1817 high, with next targets of 1825/27 & 1835/37.
Silver best support today at 1880/77. Longs need stops below 1870. Next downside target & buying opportunity in the bull trend is at 1844/40, stop below 1835.
Holding above 1900 keeps bulls in control re-targeting 1930/35. A break higher targets the 2019 high of 1960/65. Obviously this is key. If we continue higher look for 2000/05.
Trends
Weekly outlook is positive.
Daily outlook is positive.
Short Term outlook is neutral.
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