Gold: a break above 1492 is an important medium term buy signal

Jason Sen DayTradeIdeas.co.uk

Gold _ Silver

Gold & Silver Spot

Gold trading in a bull flag formation but while holding within the mid point of this flag, as we are now, this offers little trading opportunities. We are making a break above resistance at 1472/74.

Silver longs at important support at 1655/50 are working perfectly on the recovery to strong resistance at 1693/96. We topped exactly here.

Daily Analysis

Gold holding above 1472/74 allows a further recovery to 1481/82 then a selling opportunity at 1488/90 with stops above 1492. A break higher is an important medium term buy signal.

First support at 1468/65 but below here targets 1457/56. A break below 1454 targets 1450 & 1445.

Silver longs at important support at 1655/50 target 1675/80 & strong resistance at 1693/96. We topped exactly here so this is key to direction but a break higher today looks more likely, targeting 1726/30, perhaps as far as strong resistance at 1740/45.

Important important support at 1655/50. A break below 1630 is a sell signal therefore targeting 1610 & 1590/85.

Trends

Weekly outlook is positive

Daily outlook is neutral

Short Term outlook is neutral

Author

Jason Sen

DayTradeIdeas.co.uk

EUR/USD flirts with daily highs, retargets 1.1900

EUR/USD regains upside traction, returning to the 1.1880 zone and refocusing its attention to the key 1.1900 barrier. The pair’s slight gains comes against the backdrop of a humble decline in the US Dollar as investors continue to assess the latest US CPI readings and the potential Fed’s rate path.

GBP/USD remains well bid around 1.3650

GBP/USD maintains its upside momentum in place, hovering around daily highs near 1.3650 and setting aside part of the recent three-day drop. Cable’s improved sentiment comes on the back of the Greenback’s irresolute price action, while recent hawkish comments from the BoE’s Pill also collaborate with the uptick.

Gold clings to gains just above $5,000/oz

Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The precious metal’s move higher is also underpinned by the slight pullback in the US Dollar and declining US Treasury yields across the curve.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.