Gold & Silver Spot

Intermediate

Gold trading in a bull flag formation but while holding within the mid point of this flag, as we are now, this offers little trading opportunities. We are making a break above resistance at 1472/74.

Silver longs at important support at 1655/50 are working perfectly on the recovery to strong resistance at 1693/96. We topped exactly here.

Today’s Analysis 12 Dec, 2019

Gold holding above 1472/74 allows a further recovery to 1481/82 then a selling opportunity at 1488/90 with stops above 1492. A break higher is an important medium term buy signal.

First support at 1468/65 but below here targets 1457/56. A break below 1454 targets 1450 & 1445.

Silver longs at important support at 1655/50 target 1675/80 & strong resistance at 1693/96. We topped exactly here so this is key to direction but a break higher today looks more likely, targeting 1726/30, perhaps as far as strong resistance at 1740/45.

Important important support at 1655/50. A break below 1630 is a sell signal therefore targeting 1610 & 1590/85.

Trends

Weekly outlook is positive

Daily outlook is neutral

Short Term outlook is neutral

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

Comments on this analysis


    1. Neutral for today, would prefer to short up at 1488/90.
      A break of 1468/65 would aim for 1457/56.
      Thank you for your comment. Let us know if you any further questions.

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