Gold: a break above 1494 is a medium term buy signal

Jason Sen DayTradeIdeas.co.uk

Gold and Silver

Spot Gold in a sideways trend but approaching key resistance at 1488/92.

Silver also very much in a sideways trend with no clear trend today or trade signals but watch key resistance at 1696/99.

Daily Analysis

Gold minor resistance at 1476/77 but above here retests this week's high at 1484. Try shorts at 1488/92 with stops above & again at 1494. 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 holding strong resistance at 1696/99 but a break above 1700 targets 1710, 1720 & selling opportunity at 1730/40 with stops above 1755. A break higher is a buy signal

Strong support at the November low of 1667/62. Longs need stops below 1650 for another buying opportunity at 1630/20.

Trends

Weekly outlook is negative

Daily outlook is neutral

Short Term outlook is neutral

Author

Jason Sen

DayTradeIdeas.co.uk

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