Gold beat last week's high at 1930/32 for a buy signal targeting 1962/65

Jason Sen DayTradeIdeas.co.uk

Gold XAUUSD beat last week's high at 1930/32 & held minor resistance at 1940/45 throughout the whole of the morning session before the break above 1950 for another buy signal targeting 1962/65. We saw a high for the day exactly here but the outlook remains positive despite severely overbought conditions. I see no sell signal yet.

Therefore a break above 1965 targets 1970/75 & 1980/82, perhaps as far as 1986/88. I will watch carefully for a sell signal.

Strong support at 1938/33. Longs need stops below 1928.

Silver XAGUSD longs at first support at 2255/50 working perfectly as we target 2278/81 & the break above 2285 was a buy signal on Tuesday targeting 2295 & 2320/30. A high for the day exactly here for a nice 70 tick profit.

First support at 2275/65. Longs need stops below 2260.

A break lower meets strong support at 2235/25. Longs need stops below 2215.

WTI Crude December futures meet good support at 8690/60 & even better support at 8590/8560. Longs need stops below 8500.

Obviously we need a break above yesterday's high at 8857 for the next leg higher in the bull trend targeting 8970/90. If we continue higher look for 9060/9090.

Author

Jason Sen

DayTradeIdeas.co.uk

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