As expected, gold and silver are under pressure once again. We have been writing for weeks that the metals appear to be headed lower. The trends in both gold and silver are lower, which brings lower levels into play.
The next targets for the metals are $1460 gold and $17.00 silver. Our expectations are not for an immediate crash to those levels, before we can see any chance for a reversal. We also have lower targets in mind, but watch the charts one level at a time.
We are looking for continued action that we have seen over the last six weeks, which consists of lower highs and lower lows. The resistance levels are solid at $1,500 gold and $17.70 silver. As the markets continue lower the resistance levels will continue to fall. We are short and bearish gold and silver.
Author: Todd ‘Bubba’ Horwitz
Source: Kitco: Gold and silver under pressure