Defining the Next Leg in Silver and GoldGold (June) / Silver (July)
Gold, yesterday’s close: Settled at 2438.5, up 21.1
Silver, yesterday’s close: Settled at 32.426, up 1.167
Gold and Silver futures each set a fresh record high on Monday and have since consolidated in a large range, which is to be expected. This range is now well defined with major three-star resistance in Gold at 2448.8-2454.2 and Silver at 32.58-32.75; a failure to move out above here could certainly encourage some profit taking, but it also does not have to happen today. To the downside, a soft tape early yesterday and overnight has defined support to be 2408.5-2411.1 in Gold and 31.11-31.28 in Silver. While we do see a number of significant levels of support below here, a range extension to the downside would encourage a consolidation that could last over a number of sessions.
Bias: Bullish/Neutral
Resistance: 2436.9-2441.5**, 2448.8-2454.2***, 2494***
Pivot: 2426-2431.5
Support: 2417.4**, 2408.5-2411.1***, 2400**, 2391.7-2395.5***, 2385.3-2389.6***, 2375.2-2377.8***
Silver (July)
Resistance: 32.34**, 32.58-32.75***, 34.12***
Pivot: 31.69-31.85
Support: 31.11-31.28***, 30.73-30.79***, 30.39-30.43**, 30.00-30.19****
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