Gold holding below 1308/09 tests good support at 1303/01

Gold _ Silver Spot

Gold holding below 1308/09 tests good support at 1303/01. However below 1299 risks a slide to minor support at 1294/92. Important support at 1284/82. Longs need stops below 1279.Holding above 1310 tests resistance at 1312/13. Although this is the main challenge for bulls today it is not very strong & we are certainly not overbought so shorts are risky. A break above 1314 is a buy signal initially targeting 1319/20.

Silver selling opportunity again at 1532/35 with stops above 1540. A break higher is a buy signal targeting 1548/49 then 1555. Holding below 1530 risks a slide to 1520. Below here targets 1505 then the March/April low at 1496/88. A break lower targets 1485, 1475/72 perhaps as far as 1465.

The contents of our reports are intended to be understood by professional users who are fully aware of the inherent risks in Forex, Futures, Options, Stocks and Bonds trading. INFORMATION PROVIDED WITHIN THIS MATERIAL SHOULD NOT BE CONSTRUED AS ADVICE AND IS PROVIDED FOR INFORMATION AND EDUCATION PURPOSES ONLY.