Gold: A break above 1850 therefore is a buy signal

Jason Sen DayTradeIdeas.co.uk

Gold, Silver, WTI Crude

Gold Spot longs at first support at 1820/15 worked perfectly on the bounce to 1838 &3 points from important 200 days moving average resistance at 1846/48.

Silver Spot bottomed exactly at support at 2710/2690.

WTI Crude JUNE Future beat strong resistance at 6600/20 but topped exactly at the next target of 6655/60 & sank back below 6600. A double top on the 60 min chart is more negative for today after we rejected the resistance at 6600/20 & last week's high at 6655/60.

Daily analysis

Gold held important 200-day moving average resistance at 1846/48 for a retest first support at 1820/15. We bottomed exactly here but below 1810 meets a buying opportunity at 1798/95 – longs need stops below 1790.

Important 200-day moving average resistance at 1846/48. A break above 1850therefore is a buy signal initially targeting 1875 & 1890.

Silver still holding support at 2710/2690 throughout Wednesday. A recovery re-targets 2725 then 2770/80, perhaps as far as 2815/25 this week.

Downside is expected to be limited with support at 2710/2690. Stop below 2670. A break is lower to targets 2650/45 then a buying opportunity at 2635/25. Stop below2605.

WTI Crude first support at 6550/00. Second support at 6440/10 but a break before a retest of this week’s low at 6370/60. Further losses can target 6320/00.

Strong resistance at 6600/20 & this week’s double top high at 6655/60. Above 6680is a buy signal targeting 6730/40 & resistance at 6790/6810.

Chart

Author

Jason Sen

DayTradeIdeas.co.uk

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