Commodities Analysis and Opinion
Gold Comes Across Resistance at $2404: What Comes Next?
2024.07.29 05:53
Gold:
Gold () longs at 2362/57 worked perfectly on Friday hitting all targets of 2370, 2380, 2385.
Another good week trading Gold last week. We were buying on Monday and Tuesday at $2390/85 and taking profits at $2415.
We then sold the break below $2382 on Thursday and took profit at 2365.
It’s difficult because Gold is right in the middle of the 4-month range, so there is no pattern, trend or pattern to follow.
If we continue higher look for 2400 and resistance at 2404/08. Shorts need stops above 2413.
A break above 2413 we can target 2429/31.
Support at 2362/57 and longs need stops below 2352.
Silver:
Silver () should meet resistance at 2840/50
Shorts need stops above 2865.
Targets: 2800, 2770, 2750
Today’s Trade Ideas with Stop Loss and Targets:
