Gold: Buy at 1690

Jason Sen DayTradeIdeas.co.uk

Gold & Silver Spot

Gold shorts at 1715/18 worked perfectly targeting 1707/06 & 1702 but we missed our buying opportunity at 1690/88 by just 3 points.

Silver longs at 1690/95 worked perfectly hitting targets of 1720/24 & 1735/37.

Daily Analysis

Gold sell at 1715/18 targeting 1707/06 & 1702, perhaps as far as 1695. Buy at 1690/88, with stops below 1684. Sell a break lower targeting 1681/80 & 1674/72.

Shorts at 1715/18 need stops above 1721. A break higher targets 1725/27. Sell at 1735/37 with stops above 1740. A break higher targets 1750, perhaps as far as 1755/57, before a retest important resistance at 1763/65. Shorts need stops above 1768. A break higher is a buy signal despite overbought conditions.

Silver key support at 1690/95. Stop below 1680. A break lower targets 1670/65 then 1650/45. A break lower targets 1620/15.

Longs at 1690/95 targets 1720/24, perhaps as far as 1730. A break higher targets 1735/37 with strong resistance at 1755/62. A break higher targets 1780/85, perhaps as far as 1810/20.

Trends

Weekly outlook is positive.

Daily outlook is positive.

Short Term outlook is neutral.

Author

Jason Sen

DayTradeIdeas.co.uk

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