By Jason Sen
Gold has strong support at 1240/38 coupled with important 200 week moving average at 1234/33...& I think 1234/33 will be tested before the weekend. If 1238/33 holds bulls are back in charge. A weekly close below 1230 is a very important longer term sell signal & should trigger significant downside pressure.
Gains are likely to be limited with minor resistance at 1246/47, 1251/52.
Silver bottomed exactly at the low at 1573. Below here is a sell signal targeting 1563/60. Not sure if this will hold either & a break lower is another important sell signal (& weekly close below tomorrow for confirmation) initially targeting 1540/37.
First resistance at 1600/02 then strong resistance at 1610/12. Try shorts with stops above 1620.
Courtesy: Day Trade Ideas