Gold: A break below 1791 is a small sell signal

Jason Sen DayTradeIdeas.co.uk

Gold – Silver

Gold Spot loves a consolidation phase! We are in another sideways trend as we top exactly at the 1812/14 target, then dip back to our buying opportunity at 1796/94.

Silver Spot in a 2 steps forward, 1 step back trend. We shot higher to 1935 then reversed all the way back to 1891 over night.

	Scalping levels.	Target.
AUDUSD	buying opportunity at 6910/00. Stop below 6880	6930, 6970
NZDUSD	buying opportunity at 6500/6490, with stops below 6480
NZDUSD	selling opportunity at 6660/70.
EURUSD	Unable to sustain a move in 1 direction for more than a day
EURUSD	Best support at 1.1275/65. Longs need stops below 1.1245	1.1310,1.1335
EURUSD	A break lower is a sell signal
USDJPY	selling opportunity at 107.20/30, with stops above 107.40	107.00, 106.70.
Gold	buying opportunity again at 1796/94, stops below 1791
Gold	buying opportunity at 1784/82. Try longs with stops below 1778.

Daily Analysis

Gold hit the 1812/14 target as hoped then reversed to our buying opportunity at 1796/94. Longs need stops below 1791. A break lower is a small sell signal & risks a slide to 1784/82. Try longs with stops below 1778.

Longs at 1796/94 re-target 1806/07, perhaps as far as 1812/14 before a retest of the 1817 high, with next targets of 1825/27 & 1835/37.

Silver best support today at 1880/77. Longs need stops below 1870. Next downside target & buying opportunity in the bull trend is at 1844/40, stop below 1835.

Holding above 1900 keeps bulls in control re-targeting 1930/35. A break higher targets the 2019 high of 1960/65. Obviously this is key. If we continue higher look for 2000/05.

Trends

Weekly outlook is positive.

Daily outlook is positive.

Short Term outlook is neutral.

Author

Jason Sen

DayTradeIdeas.co.uk

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