Gold Silver Reports — Gold initially hit the target 1116/18 & topped exactly here as expected, dipping to the first support at 1107/1109 & bottomed exactly here. We then broke higher to the next target of 1123/24 & topped exactly here. We see a little overbought now short term to watch for profit taking today. First support at 1116/15 but below here targets a buying opportunity at 1107/1109.
Longs need stops below 1108. A break lower however targets an excellent buying opportunity at 1101/02. A bounce from here is expected but longs need stops below 1102. Resistance at 1123/24 could hold any bounce again today. However a break higher then targets 1130/33. Gains are expected to be limited in overbought conditions & we could use this as a selling opportunity with stops above 1138.