Gold: A break above 1493 is a medium term buy signal

Jason Sen DayTradeIdeas.co.uk

Gold and Silver Spot

Gold we wrote: Expect strong resistance at 1485/86.
We topped a point below here & bottomed exactly at first support at 1472/71.

Silver unfortunately topped just a little below our selling opportunity at 1737/39.

Daily Analysis

Gold minor resistance at 1476/77. Expect strong resistance at 1486/88 & again at 1493/94. A break higher is a medium term buy signal.

We bottomed exactly at first support at 1472/71. On further losses look for good support at 1466/64. Longs need stops below 1462.

Silver unexpectedly reversed & lost all the gains breaking back below 1698/96 to remain in a sideways trend. Strong support at the November low of 1667/62. Longs need stops below 1650 for another buying opportunity at 1630/20.

Quite strong resistance at 1697/02 but a break above targets 1710, 1720 & selling opportunity at 1730/40 with stops above 1755. A break higher is a buy signal.

Trends

Weekly outlook is negative

Daily outlook is neutral

Short Term outlook is neutral

Author

Jason Sen

DayTradeIdeas.co.uk

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