Gold: be ready to sell a break below 1560

Jason Sen DayTradeIdeas.co.uk

Gold & Silver Spot

Gold broke channel support at 1605/00 & if you were quick enough to sell the break we hit targets 1597, 1592/90, 1580/78 & buying opportunity at 1569/67, but stops were triggered below 1564.

Silver still trades sideways

Reports will be updated at lunchtime GMT if necessary.

Daily Analysis

Gold unfortunately over ran support at 1569/67 but appears to be holding it over night now. Minor resistance at 1581/83 then a selling opportunity at 1592/96 with stops above 1600. An unexpected break higher targets 1608 & 1611/12.

Be ready to sell a break below 1560 targeting 1555/53 & best support today at 1548/46. Longs need stops below 1541. A break lower targets 1537, 1530, 1526/24.

Silver has minor resistance at at 1410, 1425 & 1435. Strong resistance at 1445/55 but above 1470 targets 1500/10. If we continue higher look for 1535/40 then 1560/65.

Strong support at targets 1383/78. A break lower targets 1380/77 then support at 1350/45.

Trends

Weekly outlook is positive.

Daily outlook is neutral.

Short Term outlook is positive.

Author

Jason Sen

DayTradeIdeas.co.uk

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