Gold higher again to the next target of 1325/26

Gold & Silver Spot

Gold higher again to the next target of 1325/26 as we look for 1330/31 & 1334/35. I am concerned about severely overbought conditions but no sell signal so shorts are out of the question. Watch first support at 1316/15. Below here risks a slide to 1310/09 then a buying opportunity at 1306/04. Stop below 1300.

Silver Spot key to direction is resistance at 1718/20 of course - stops above 1735. A break higher however WILL BE A VERY STRONG LONGER TERM BUY SIGNAL targeting 1745, 1765, 1785/95 & the September high at 1820. Shorts target 1705 on the downside then support at 1690/85 with a low for the day likely but longs look risky until we are oversold. Further losses target 1665/60 but 1627/22 is a buying opportunity.

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