Gold: A break above 1855 is a buy signal

Jason Sen DayTradeIdeas.co.uk

Gold, Silver, WTI Crude

Gold Spot beat strong 100 day moving average resistance for a buy signal & shot higher to 1845 yesterday.

Silver Spot finally beat first resistance at 2685/95 for the next buy signal initially targeting 2725 then 2770/80. We topped almost exactly here on Friday & bottomed exactly at first support at 2710/00.

WTI Crude JUNE Future key 500 week moving average resistance at 6600/6620 again this week.

Daily analysis

Gold 200 day moving average at 1848/50 is the main challenge for bulls this week. We held 5 points below here yesterday. However a break above 1855 is a buy signal initially targeting 1875 & 1890.

Downside is expected to be limited with first support at 1820/15. Below 1810 however risks a slide to to a buying opportunity at 1798/95 – longs need stops below 1790.

Silver break above 2710 is the next buy signal initially targeting 2725 then 2770/80 (we topped exactly here), perhaps as far as 2815/25 this week.

Downside is expected to be limited with support at 2710/2690. Stop below 2670.

WTI Crude should have strong support at 6450/30 but a break below 6390 targets 6370/60 with very strong support at 6320/00. Longs need stops below 6270.

Minor resistance at 6510/30. Strong resistance at 6600/20 but above here can target 6655/60. Above 6680 look for 6730/40 & resistance at 6790/6810.

Chart

Author

Jason Sen

DayTradeIdeas.co.uk

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