Gold and Silver Bullion Trade Signals

Source:

"Support is in place, gold and silver buying looks set to resume."

The Street, Marco Hague

The newswires are quiet in regard to recent moves higher in precious metal trade, after attributing the recent pullback to support by gold and silver to increases in margin requirements when buying bullion.

The LFB daily client note updates have highlighted that support was in place and indicated that the buying of gold and silver looked set to resume. The warnings to close any short positions and now look to be buying bullion were well timed.

A tradable call to action on gold was sent to clients recently, with a trade signal to buy the gold markets (via bullion, ETFs, or options) when XAU (gold bullion) broke above $1,506. The trade signal was in line with global equity and risk markets finding buyers. The initial $1,515 target has been hit, with $1,535 as target two.

A tradable call to action on silver was sent to clients recently, with a trade signal to buy the silver markets (via bullion, ETFs, or options) when XAG (silver bullion) broke above $38.20. The trade signal was in line with global equity and risk markets finding buyers. The initial $39.20 target has been hit, with $42.90 as target two.

There was strong buying activity at $1,490 on gold, and $33.00 on silver in March, which are now solid areas of support that will be very difficult to break. There will be upside resistance at $1,549 on gold and $43 on silver in the near term. These swing point areas, where a near-term trend is tested as price action reverses previous trade direction, will be closely monitored and market alerts sent to subscribers as things unfold.

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