Gold and Silver buy signals trigger [Video]

Jason Sen DayTradeIdeas.co.uk

Gold is pushing higher for the 3rd day in a row, which we have not seen for 5 weeks.

Gold beat minor trend line resistance at 4090/4100 to target last week's high at 4119/4120.

We are testing minor resistance at the 1 month descending trend line at 4135/4140.

A sustained break above 4140 tests Fibonacci resistance at 4160/4170.

The rally is taking baby steps at the moment as we tackle the minor resistance levels.

I am hoping this is the start of a bullish breakout so maybe shorts are too risky.

A break above 4175 should be a medium term buy signal and hopefully we can run up quite quickly - initially to 4210/4215.

For now I will hope that this is the start of a bull run and therefore I will suggest buying at minor support at 4095/4090 & longs need stops below 4085.

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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