As the world’s top investment manager and financial market journalist, I am thrilled to report on the recent performance of Gold. Last week, our long positions at 2362/57 were incredibly successful, hitting targets of 2370, 2380, and 2385. Our strategic buying on Monday and Tuesday at $2390/85 yielded profits at $2415, after which we capitalized on the break below $2382 on Thursday, closing at 2365.
The current challenge lies in Gold’s position within a 4-month range, lacking a clear pattern or trend. However, potential upside targets include 2400 with resistance at 2404/08. Short positions should have stops above 2413, with a breakout potentially leading to targets at 2429/31. Support is found at 2362/57, with long positions requiring stops below 2352.
Shifting focus to Silver, resistance is anticipated at 2840/50, with shorts necessitating stops above 2865. Targets for Silver include 2800, 2770, and 2750.
In conclusion, traders should consider the following trade ideas with stop loss and targets in mind:
– Long Gold above 2362/57 with stops below 2352 and targets at 2400 and 2404/08.
– Short Gold below 2413 with stops above 2413 and targets at 2365.
– Short Silver above 2865 with stops below 2865 and targets at 2800, 2770, and 2750.
By implementing these strategies, investors can navigate the current market conditions and optimize their returns. Stay informed, stay strategic, and stay profitable.