Gold hit all downside targets as far as 1890 with a low for the day exactly here. If we continue lower look for the best support for this week at 1879/75. Longs need stops below 1870. A break lower is an important medium term sell signal.
Price Of Gold (XAUUSD)
There is minor support at 1890 & although I think longs are very risky here, a bounce is possible to 1905/07, perhaps as far as first resistance at 1914/17. Shorts need stops above 1921. A break higher meets a sell opportunity at 1930/33. Shorts need stops above 1938.
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Shorts at first resistance at 2380/90 stop above 2410.
Silver holding what is first resistance at 2380/90 is a sell signal targeting 2340/35 & minor trend line support at 2300/2295. A low for the day is certainly possible today. Longs need stops below 2290. A break lower is another important sell signal with a 100 tick drop possible.
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Shorts at first resistance at 2380/90 stop above 2410.
USD/JPY - US Dollar To Japanese Yen
USDJPY running out of steam in severely overbought conditions as predicted but there is no sell signal yet so I cannot suggest shorts. First support again at 127.80/70. Expect strong support at 127.10/126.90. Longs need stops below 126.70. A break lower can target 126.00, perhaps as far as a buy opportunity at 125.70/50. Longs need stops below 125.20.
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