Gold And Silver Futures Overview September 5th
XAUUSD GOLD OVERVIEW
We have mentioned in our previous forecast published on Monday that GOLD will test 1.338 and 1.348 USD. You can read our article from the following link because it is important to set up our strategy. I strongly recommended holding LONG positions till we reach 1.338 USD.
Gold tested our first target 1.338 USD yesterday. We will not enter any short positions before the the price tests 1.348 USD. Our Mid Term support is 1.308 USD and we will place our stop loss to 1.303 USD.
We want to look at H4 Chart to get a better idea of intraday support and resistance levels. 1.343 USD and 1.350 USD are our main targets in order. UPDATE: TARGETS HAVE BEEN REACHED. NEW TARGETS PUBLISHED http://www.fxters.com/xauusd-gold-daily-technical-analysis/
Possible pull back levels are 1.327 and 1.1320 USD and we will use those levels as a BUY opportunity. Our Ultimate target on GOLD is 1.380 USD and we believe this level will be tested in this year.
XAGUSD SILVER OVERVIEW
We can apply the same overview to XAGUSD Silver. We have written that the price will test 17.89 and it did.
Silver differs from GOLD, because GOLD/SILVER ratio has changed in favour of Silver.
On its year-to-date chart we can see that silver has certainly taken a turn for the better in recent weeks, having first broken out of the intermediate downtrend shown, and then, having consolidated the breakout for a couple of weeks, forged ahead over the past week, all on strong upside volume. If silver can advance further or at least hold in this area for a couple of weeks, we will soon see a bullish cross of the moving averages.
18. 20 and 18.40 are our first targets. We will not leave our motto “Trend is the friend ” out of the trade arena and try to use pull backs as a BUY opportunity.
UPDATE: 18.20 HAS BEEN REACHED 18.40 IS THE NEW TARGET
We have LONG orders on GOLD and SILVER and will keep them till we reach our targets.
Pull back levels to add LONG position on SILVER are 17.77 , 17.53 and 17.42.
PRICE PULLED BACK TO 17.77 (09/12/2017)
WE ENTER THE LONG TRADE @17.77
TP1 : 17.05
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