Gold, Silver Nearing a Short-Term Correction: Key Levels to Watch
2024.07.19 07:55
Gold
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Gold () longs at support at 2450/45 were stopped below 2440. This is a counter-trend move (the longer-term trend is obviously bullish). However, I am taking the break below 2440 as a sell signal as stated yesterday.
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If you have entered a short, our targets are 2436/31 and probably 2415. We could even reach a buying opportunity at 2410/05 and longs need stops below 2399.
Try shorts at 2440/45 with stop above 2450.
Silver
For XAG/USD, we wrote: As long as silver holds below resistance at 3050/60, the outlook shifts to negative, targeting 2980 and 2930/20.
A break below 3000 should obviously trigger further losses today.
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Silver made a high for the day at 3061. If you entered a short it worked perfectly as silver immediately collapsed to 2972.
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On the bounce, silver reversed from 3007, so the sell signal on the break below 3000 also worked perfectly.
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Silver is on the way to my target of 2930/20 and could even reach 2900.2890 today for profit taking on any remaining shorts before the weekend.
A sell opportunity at 3000/3020 with stop above 3040.
