Gold: Best support at 1764/62 worked perfectly

Jason Sen DayTradeIdeas.co.uk

Gold Spot buy signal took us to 1773 & minor resistance at 1778/80 but we topped exactly here. Longs at best support at 1764/62 worked perfectly for the rest of the day offering up to 12 points profit with several bounces.

The negative candle in overbought conditions means we are likely to trade sideways to lower. However a big sell off is unlikely at this stage.

Silver Spot unexpectedly crashed from the 1800/10 target breaking strong support at 1765/55. We remain in a difficult sideways trend.

Today's Analysis

Gold best support at 1764/62 worked perfectly yesterday. Longs need stops below 1758. A unexpected break lower targets 1754/53. Further losses risk a retest of strong support at 1744/42. Longs need stops below 1738.

Longs at 1762/64 re-target 1768/69, 1773, & 1778/80. Further gains meet key resistance at 1784/86. It is worth trying shorts with stops above 1791. A break higher is a strong buy signal despite overbought conditions.

Silver we can only try to scalp the following levels for a 15 point profit with a 5 point stop loss.

1730/35, 1763/65, 1774/77, 1800/05.

Trends

Weekly outlook is positive.

Daily outlook is neutral.

Short Term outlook is positive.

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.

GBP/USD drops below 1.3550 on geopolitical tensions, hawkish Fed bets

GBP/USD trades with mild losses below 1.3550 in the second half of the day on Tuesday. The US Dollar recovers some ground amid ongoing Middle East tensions and hawkish expectations around the Fed's interest rate outlook, weighing on the pair ahead of US data releases.

EUR/USD stays below 1.1600 ahead of US data

EUR/USD struggles to capitalize on the overnight bounce and trades below 1.1600 on Tuesday. The data from the Eurozone showed that the annual HICP inflation rose to 3.3% in August from 2.9% in July, matching the market expectation, while the core HICP inflation edged lower to 2.4% from 2.5% in this period. In the second half of the day, JOLTS Job Openings and ISM Manufacturing PMI data will be featured in the US economic calendar.

Gold extends reversal below $4,400 on hawkish Fed repricing

XAU/USD extends its reversal below $4,400, posting a nearly 7% decline from last week's highs. Precious metals struggle this week as markets reprice a Fed rate hike in September.

Crypto Today: Bitcoin, Ethereum, XRP struggle to extend gains despite ETF inflows

Bitcoin stalls while holding above $78,000 support as ETF inflows return. Ethereum takes a breather around $2,450 amid sustained institutional support. XRP remains pressured as the 200-day EMA provides immediate support.

US JOLTS Job Openings set to show a steady labor market

The US Bureau of Labor Statistics has a busy week, releasing relevant employment data. It will start on Tuesday with the publication of the July Job Openings and Labor Turnover Survey (JOLTS) at 14:00 GMT. The JOLTS report is expected to show job openings stood at 7.3 million in July.

Diesel’s record $100 warning: The oil shock hiding in plain sight

The Oil market may look calmer than it did a few months ago, but diesel is sending a very different message. The US diesel crack spread, the premium of ultra-low sulphur diesel futures over WTI, recently surged above $100 per barrel for the first time, reaching an intraday record of just over $102.00.