Gold breakout buy signal triggered yesterday [Video]

Jason Sen DayTradeIdeas.co.uk

Gold

Gold had a buy signal yesterday after we broke above the 7 week descending trend line, as this gave us a more positive outlook for yesterday, despite the medium-term bear trend.

The break above 4070 was expected to target 4095/4100 & eventually 4160 on this breakout move.

We are almost there as we push higher overnight to 4141...but note that the 200 period MA on the 4 hour chart has a value of 4137...so if you have run longs overnight it is worth taking at least some of the profit now.

Note that support at 4045/4035 worked perfectly on the pullback from 4084 yesterday.

We meet strong resistance at 4160/4170 & when you bear in mind that we are in a bear trend, we may see a high for the day here but shorts need stops above 4180.

A break higher is a buy signal targeting 4220/4230 then 4248/53.

If we reverse from 4137/4141 we meet first support at 4100/4190 & longs need stops below 4185.

A break lower meets strong support at 4074/4069 & longs need stops below 4060.

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.

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