Gold: A break above 1800 is a strong buy signal

Jason Sen DayTradeIdeas.co.uk

Gold – Silver

Gold Spot edges slowly back to very important resistance at 1787/90 & holds. Obviously this is key to direction in severely overbought conditions.

Silver Spot beat first resistance at 1806/09 hitting targets of 1821/23 & important resistance at the 1 month high at 1835/37. We topped exactly here.

Daily Analysis

Gold beat strong resistance at 1778/82 to retest & hold very important resistance at 1787/90. It is worth trying shorts with stops above 1800. A break above 1800 is a strong buy signal despite overbought conditions targeting 1812/14, 1825/27 & 1835/37.

Shorts at at 1787/90 target 1780/78 with support at 1772/70. A break lower targets 1767/65 with the best support for today at 1761/59. Longs need stops below 1755. A break below 1755 is a sell signal targeting strong support at 1746/43.

Silver first support at 1820/18 then best support for today at 1808/05. Longs need stops below 1800. A break lower targets 1787/83 then a buying opportunity at 1775/65, with stops below 1760.

We held important resistance at the 1 month high at 1835/37. Shorts need stops above 1845. A break higher is a medium term buy signal targeting 1860/63 & 1882/85.

Trends

Weekly outlook is positive.

Daily outlook is neutral.

Short Term outlook is neutral.

Author

Jason Sen

DayTradeIdeas.co.uk

EUR/USD keeps the rangebound trade near 1.1850

EUR/USD is still under pressure, drifting back towards the 1.1850 area as Monday’s session draws to a close. The modest decline in spot comes as the US Dollar picks up a bit of support, while thin liquidity and muted volatility, thanks to the US market holiday, are exaggerating price swings and keeping trading conditions choppy.

GBP/USD flirts with daily lows near 1.3630

GBP/USD has quickly given back Friday’s solid gains, turning lower at the start of the week and drifting back towards the 1.3630 area. The focus now shifts squarely to Tuesday’s UK labour market report, which is likely to keep the quid firmly in the spotlight and could set the tone for Cable’s next move.

Gold battle around $5,000 continues

Gold is giving back part of Friday’s sharp rebound, deflating below the key $5,000 mark per troy ounce as the new week gets underway. Modest gains in the US Dollar are keeping the metal in check, while thin trading conditions, due to the Presidents Day holiday in the US, are adding to the choppy and hesitant tone across markets.

AI Crypto Update: Bittensor eyes breakout as AI tokens falter

The artificial intelligence (AI) cryptocurrency segment is witnessing heightened volatility, with top tokens such as Near Protocol (NEAR) struggling to gain traction amid the persistent decline in January and February.

The week ahead: Key inflation readings and why the AI trade could be overdone

It is likely to be a quiet start to the week, with US markets closed on Monday for Presidents Day. European markets are higher across the board and gold is clinging to the $5,000 level after the tamer than expected CPI report in the US reduced haven flows to precious metals.

XRP steadies in narrow range as fund inflows, futures interest rise

Ripple is trading in a narrow range between $1.45 (immediate support) and $1.50 (resistance) at the time of writing on Monday. The remittance token extended its recovery last week, peaking at $1.67 on Sunday from the weekly open at $1.43.