Gold: Buying opportunity again at 1796

Jason Sen DayTradeIdeas.co.uk

Gold _ Silver

Gold Spot longs at our buying opportunity at 1796/94 worked perfectly as we target 1806/07& 1812/14 for a potential 16/18 point profit on this scalping opportunity.

Silver Spot in a 2 steps forward, 1 step back trend. We bounced just 4 points above bestsupport today at 1880/77.

Daily Analysis

Gold longs work perfectly again with our magic support at 1796/94 as we hit the 1812/14target as hoped. Further gains always possible for a retest of the 1817 high, with next targetsof 1825/27 & 1835/37.

A buying opportunity again at 1796/94. Longs need stops below 1791. A break lower is asmall sell signal & risks a slide to 1784/82. Try longs with stops below 1778.

Silver bounce from just above best support today at 1880/77 beats 1900 to keep bulls incontrol re-targeting 1930/35. A break higher targets the 2019 high of 1960/65. Obviously thisis key. If we continue higher look for 2000/05.

Best support again at 1880/77. Longs need stops below 1870. Next downside target & buyingopportunity in the bull trend is at 1844/40, stop below 1835.

Trends

Weekly outlook is positive

Daily outlook is positive

Short Term outlook is neutral

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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