Gold beats resistance at 1815/18

Jason Sen DayTradeIdeas.co.uk

Gold – Silver

Gold Spot bounced in severely oversold conditions but way further than I expected recovering 3 days of losses to hit 1817.

Silver Spot unexpectedly recovered most of last week's losses in a day as we hit 2403.

Daily Analysis

Gold beats resistance at 1815/18 for a buy signal targeting 1828/29, perhaps as far as 1832/34. We could even reach strong resistance at 1840/45.

First support at 1818/15 but longs need stops below 1810. A break lower targets 1804/03 with support at 1798/95. Be ready to sell a break below 1790 for 1785/84, perhaps as far as 1776/75.

Silver has unexpectedly gained over 200 ticks this week to win back most of last week's losses. The best support for today is at 2350/40. Longs need stops below 2320. A break lower risks a slide to 2295/85.

Longs at at 2350/40 target 2375/80 then first resistance at 2395/2405 for profit taking. Be ready to buy a break above 2415 targeting resistance at 2440/50. A break above 2460 meets a selling opportunity at 2495/2505 with stops above 2520.

Chart

Author

Jason Sen

DayTradeIdeas.co.uk

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