GOLD WARNING!! BE PREPARED FOR A 10% MOVE COMING NOW.
Gold break below 4145 was our next sell signal targeting 4135/30 last week’s low at 4120 & finally 4100/4090 exactly as predicted.
In fact we saw a bounce from here to 4144.
Over night we see losses as far as my next target of 4060/50 & even a retest of the June low at 4023 is not out of the question before the end of the week.
A bounce from 4030/4020 is possible although it is risky in the 2 and a half month bear trend.
If you try stop below 4005. A break below here certainly would not surprise me And holding below 4020 is a sell signal targeting 3970/60 & 3930/20.
Eventually a move as far as 3870/60 is possible.
Gains are likely to be limited even if we do bounce from 4030/4020.
Targets: 4060/4070 & 4080/4090 for profit taking.
First resistance at 4085/4095 & shorts need stops above 4102
Gold has strong resistance at 4125/4135 & shorts need stops above 4145
Silver XAGUSD
Silver we wrote: Looks pretty clear that bears remain in control at this stage & gains are likely to be limited before prices reverse.
We hit my downside targets of 6135/30 & a retest of last week’s low at 6120 as predicted.
We wrote: A break below here looks very possible & can target the 2026 low at 6100/6090.
We just hit this target over night and as I wrote yesterday, obviously a sustained break below here would be an important sell signal this week.
In fact as long as we hold below what should be first resistance at 6210/6230 the outlook for today remains negative.
Shorts need stops above 6250.
Just be aware that we have strong resistance at 6310/6330 & shorts need stops above 6365
A break below 6070 targets 6010/5990 then 5900/5875. A collapse as far as 5780/5750 cannot be ruled out.
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