Gold tests very minor support at 1925/21 this morning but longs here are risky. I favor selling a break lower targeting 1917/15, 1910/09 and perhaps as far as 1902/1898.
I would prefer to sell into shorts on a bounce to 1936/38. Stop above 1941. Try shorts again at 1950/55 with stops above 1960. A break higher is a short term buy signal targeting 1970/72 and perhaps as far as strong resistance at 1981/84. Shorts need stops above 1990.
Silver best selling opportunity in the sideways trend is lower today at 2710/20 with stops above 2740. A break higher targets 2770/75 and 2800/2810.
Minor support at 2680/70 then better support at 2640/30. Longs need stops below 2620. A break lower is a sell signal targeting 2605/00 and minor support at 2675/70.
- Weekly Outlook Neutral
- Daily Outlook Neutral
- Short Term Outlook Neutral
Gold And Silver Forecast: Sep 8, 2020
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.