XAU/USD
Gold made a high for the day exactly at strong resistance at 4355/4365, for the second day.
Shorts worked as we reversed to my targets of 4335/4330 then a low for the day only 3$3 above minor support at 4310/4300.
Same levels apply for today.
Watch strong resistance again at 4355/4365. Perhaps we will range from here down to 4300/4290 while we wait for the next move.
However shorts at strong resistance at 4355/4365 need stops above 4575.
A break higher is a buy signal for today & can target 4410/4420.
If we reverse again from strong resistance at 4355/4365 we can retarget 4335/4330 then minor support at 4310/4300.
Just be aware that a break below 4285 risks a slide to 4273/4270.
If we continue lower, look for a buying opportunity at 4245/4240 & longs need stops below 4230.
XAG/USD
Silver traded between $69 and $71 in a quiet session.
A break above this week’s high at 7130 meets strong resistance at 7200/7220. Shorts need stops above 7280.
Targets on the downside are 7080/7050 with strong support at 6905/6870.
We made a low for the day exactly here yesterday & longs worked perfectly on the bounce to 7100 as predicted.
We should meet strong support again at 6905/6870.
Longs need stops below 6840.
A break lower risks a slide to 6770/6740.
Longs at strong support at 6905/6870 can target 6980/7000, perhaps as far as yesterday’s high at 7110/7130.
