Gold & Silver Forecast

Intermediate

Recap

Gold trades sideways holding minor resistance at 1493/94 before a slide to very minor support at 1488/87 but we held the next target of 1482/81.

Silver beat key resistance at 1750/60 for a buy signal but we just missed the 1790 target.

Daily Forecast – 22 October 2019


Gold first resistance at 1488/91 but above here targets 1498/1500. Bulls need a break above 1505 for an important buy signal targeting 1510 & minor resistance at 1518/19. Eventually we should beat 1520 for 1523/24 & 1528/29.
Very minor support at 1482/81 but below here targets 1477 before weak support at 1473/71. A break lower targets 1468 & strong support at 1464/62.

Silver key support at 1755/50 of course & holding here targets 1785/90, 1800, perhaps as far as 1830/32 & 1855/60 in to next week.
Longs at 1755/50 need stops below 1740. A break lower risks a slide to 1730 & 1710/00. A break below 1695 targets 1685 & 1680/78. Below 1675 look for 1657/55 & perhaps as far as support at 1634/30.

Gold chart

Jason Sen

Editor

Jason Sen began his trading career in the options pits on the trading floor of LIFFE in 1987 at the age of 19, making markets on his own account. In 2001 when the trading floor closed he successful...continued

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