Gold price clearly remains in a sideways range

May 7, 2020

London (May 7)  Gold remains in a short term sideways trend as we bounce to first resistance at 1693/94. A break above 1696 meets a selling opportunity at 1702/04 with stops above 1709. A break higher is a buy signal targeting 1713/14 & 1720/22, perhaps as far as 1728/30 for some profit taking on longs.

Holding first resistance at 1693/94 targets 1690/88, perhaps as far as 1680/78. Further losses meet minor support at 1670/69. A break lower tests the 2 week low at 1661/59.

Silver first support at 1483/81 then strong support at 1450/46. A break below 1440 targets 1422/20.

First resistance at 1518/22 but above here re-targets 1541/42, perhaps as far as 1549/1551. A break higher targets 1559/62. Try shorts at 1583/88 with stops above 1593.


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