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justatrader
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Gold and Silver Update

- Florian Grummes - The Silver GoldSpot

Hi Florian, good analysis. But don't you think have a stop at 1120 would be detrimental to the longer term upside bias? It is a great level of support/resistance so a possible retest either from 1110 or even after breaking 1120 a small retracement could help in covering the long positions at this level. I'm expecting to see a dip to 1122 and it should possible head upside from there on. Of course, with every %age decline i'm not keeping any high hopes for the moment. Let's see how prices react to 1122/1120 level.

The rally to 1180 is near picture perfect pointing to a bullish divergence correction over there.

Commented 3130 days ago

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Beginning of the headline :Since the flash-crash (24th of July down to $1,071) the technical picture for Gold has been improving step by step. First a $100-short-squeeze pushed Gold towards $1,170 in mid of august. Gold only briefly touched this level and corrected all the way down to $1,098. But during the last two weeks Gold managed to start a rally from these levels. Therefore we have a "$27 higher low" on the chart. That is positive. It has been quite a while since we got such a higher low in the gold ma... Read More

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