Gold: A break lower to targets 1771/69 with support at 1760/58

Jason Sen DayTradeIdeas.co.uk

Gold, Silver, WTI Crude

Gold Spot shot higher to strong 100 day moving average resistance at 1796/98. Shorts need stops above 1801.

Silver Spot beat strongest resistance for this week at 2650/60 to hit the next target of 2685/95.

WTI Crude JUNE Future wiped out Thursday’s gains.

Daily analysis

Gold trades sideways so we look for scalping levels for an opportunity to take a 10 point profit before prices reverse. First support at 1781/79. longs need stops below 1775. A break lower to targets 1771/69 with support at 1760/58. A break below 1756 however risks a slide to 1752/50 & support at 1746/44.

Strong 100 day moving average resistance at 1796/98. Further strong resistance at 1803/06. A break higher is a buy signal targeting 1815 & 1822/23, perhaps as far as 1830/35.

Silver first resistance at 2685/95. A break above 2705 is the next buy signal initially targeting 2725 then 2770/80.

First support at 2625/21. Longs need stops below 2610.

WTI Crude held first support at 6315/05 yesterday but below 6290 can target 6270/50 with further support at 6210/00.

Holding first support at 6315/05 targets 6360/70 then 6420/30. WTI Crude retests strong 500 week moving average resistance at 6600/6620.

Chart

Author

Jason Sen

DayTradeIdeas.co.uk

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