Gold: A break above 1961 is a short term buy signal

Jason Sen DayTradeIdeas.co.uk

Gold – Silver

Gold Spot broke below 1942 for a short term sell signal targeting 1937, 1931 & our buying opportunity at 1924/22. This trade worked perfectly as we bottomed exactly here & shot higher to 1941.

Silver Spot longs at 2725/15 worked perfectly as we shot higher to the target of 2760/70 & topped exactly here. However we reversed & broke 2725/15 for our sell signal targeting 2650/40 & bottomed exactly here.

Daily Analysis

Gold meets first resistance at 1947 for some profit taking on any remaining longs. Sell at 1950/55 with stops above 1961. A break higher is a short term buy signal targeting 1970/72 & perhaps as far as strong resistance at 1983/86. Shorts need stops above 1991.

1 month trend line support is much weaker today, at 1929/26. Longs are more risky but stop below 1921 if you try. A break lower targets 1917/15, 1910/09 & perhaps as far as 1904/02.

Silver holding 2650/40 allows a recovery to to 2715 then a selling opportunity at 2725/35 with stops above 2745. A break higher targets 2770/75, perhaps as far as 2800/2810.

Be ready to sell a break below 2635 targeting 2615 & 2610/05. Be ready to sell a break below 2600 targeting 2573/70.

Author

Jason Sen

DayTradeIdeas.co.uk

Jason Sen began his career in the options pits on the trading floor of LIFFE in 1987 at the age of 19, making markets on his own account. In 2001 when the trading floor closed he successfully made the transition to day trading on computer screens.

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