Gold: Bulls seize the control

Jason Sen DayTradeIdeas.co.uk

Gold & Silver Spot

Gold gaped lower on the open to hold good support at 1602/1597 & then took off through 1624/26 beating 1633/35 & the last swing high at 1642/43 to hit 1671 over night.

Silver beat key resistance at 1450/55 for a buy signal targeting 1500/10, 1535/40 then 1560/65. We missed this target by only 11 points.

Daily Analysis

Gold bulls seize control. A dip from 1671 meets minor support at 1654/53 with best support at 1645/42. Try longs with stops below 1638. An unexpected break lower risks a slide to 1635/34 & support at 1631/29.

1671/72 does not appear to be a strong resistance levels so be ready to buy a break higher targeting 1686/88 & is more resistance at the bull market high 1700/02. A break above here is obviously positive.

Silver bulls seize control as we head towards 1560/65. First support at 1495/91 but below here meets a buying opportunity at 1460/55, with stops below 1445.

Bulls need a break above 1560 to target strong resistance at 1590/92. Above 1600 meets more minor resistance at 1618/22.

Trends

Weekly outlook is positive.

Daily outlook is positive.

Short Term outlook is positive.

Author

Jason Sen

DayTradeIdeas.co.uk

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