Gold and Silver collapsed

Jason Sen DayTradeIdeas.co.uk

Gold

Gold longs at support at 2450/45 were stopped below 2440. This is a counter trend move (the longer term trend is obviously bullish). However I am taking the break below 2440 as a sell signal as stated yesterday.
If you have entered a short, our targets are 2436/31 & probably 2415. We could even reach a buying opportunity at 2410/05 & longs need stops below 2399.
Try shorts at 2440/45 with stop above 2450.

Silver

Silver we wrote: As long as silver holds below resistance at 3050/60 the outlook shifts to negative, targeting 2980 & 2930/20. A break below 3000 should obviously trigger further losses today.

Silver made a high for the day at 3061. If you entered a short it worked perfectly as silver immediately collapsed to 2972.
On the bounce, silver reversed from 3007, so the sell signal on the break below 3000 also worked perfectly.
Silver is on the way to my target of 2930/20 & could even reach 2900.2890 today for profit taking on any remaining shorts before the weekend.
A sell opportunity at 3000/3020 with stop above 3040.

Author

Jason Sen

DayTradeIdeas.co.uk

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