Gold Price Forecast: Bulls Need A Break Above $1,299

New York (Jan 23)  Gold is holding a 2-month trend line support at 1278/77 (a little unexpectedly) for a bounce to our a selling opportunity at 1286/88, with stops above 1290. Next target and resistance at 1294/95. Bulls need a break above 1299.

Shorts at 1286/88 target 1283/82 then weak support at 1278/77. Below 1276 is a sell signal targeting 1274 and probably a buying opportunity at 1268/66. Try longs with stops below 1263.

Silver bounces back to 1535, but look for a selling opportunity at 1553/55 with stops above 1560.

Holding below 1530 re-targets 1523, 1518 and 1510/05.

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