Gold: The outlook remains neutral; tight range witness in the hourly chart, daily indicators are still offering a mixed view, but the RSI study has continued to pick up.
Under these conditions, the precious metal can be expected to break out above the higher end of the range 1192.00$-1180.00$. In this case, it could rally to 1196.00$ and 1199.00$ in the first instinct. A daily close above 50MA or 1200.00$ could offer a new leg to recent high and crucial resistance 1208.00$.
A breakout above this resistance level would point to a new acceleration of the rally towards August and September highs.
The flip side, supports are located around 1187.00$ and 1180.00$.
Silver: The hourly price action similar to the Gold H1 chart and the daily indicators are still offering a mixed view, but the RSI study has continued to pick up. As long as 13.90$ is support look for 14.60$ and 14.90$.
Under these conditions, the precious metal can be expected to break out above the higher end of the range 1192.00$-1180.00$. In this case, it could rally to 1196.00$ and 1199.00$ in the first instinct. A daily close above 50MA or 1200.00$ could offer a new leg to recent high and crucial resistance 1208.00$.
A breakout above this resistance level would point to a new acceleration of the rally towards August and September highs.
The flip side, supports are located around 1187.00$ and 1180.00$.
Silver: The hourly price action similar to the Gold H1 chart and the daily indicators are still offering a mixed view, but the RSI study has continued to pick up. As long as 13.90$ is support look for 14.60$ and 14.90$.
Comment:
Targets reached
Trade closed: target reached:
Gold is going an extra mile and SIlver ran through the targets