Gold: A break above 1806 signals further gains to 1815

Jason Sen DayTradeIdeas.co.uk

Gold, Silver, WTI Crude

Gold Spot bottomed exactly at better support at 1781/78. Longs need stops below1775.

Silver Spot dipped to strong support at 2620/10 but overran to 2595 before a bounce.

WTI Crude JUNE Future bottomed exactly at support at 6075/65 for a bounce to the first target of 6165/85.

Daily analysis

Gold holding strong support at 1781/78 targets 1788/90 with minor resistance at1794/96 but eventually we should test strong 100-day moving average resistance at1803/05. A high for the week could be seen here so it is worth profit taking on longs. However, a break above 1806 signals further gains to 1815.

Good support at 1781/78 again today. Longs need stops below 1775. Next downside target & buying opportunity at 1765/61. Longs need stops below 1757.

Silver holding strong support at 2610/00 targets 2650/60, perhaps as far as 2685/95 into next week. A break above 2705 is the next buy signal.

Strong support at 2610/00 but below 2590 can target strong support at 2560/50. Longs need stops below 2740.

WTI Crude bounced from support at 6075/65 hits the first target of 6170/90. Above here can target strong resistance at 6265/75. Strong resistance again at 6380/6400.A break above 6435 targets 6480/85 with strong resistance at 6535/65.

First support at 6075/65. A break lower targets 6020/00. Longs need stops below5980.

Chart

Author

Jason Sen

DayTradeIdeas.co.uk

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