Gold clearly remains in a sideways range

Jason Sen DayTradeIdeas.co.uk

Gold _ Silver

Gold & Silver Spot

Gold clearly remains in a sideways range – as predicted weeks ago! We wrote: holding what should be key resistance at 1704/06 targets 1696/95 & 1690/88, perhaps as far as 1680/78.

Perfect call with shorts at 1704/06 making over 20 points profit on the day.

Silver still sideways.

Daily Analysis

Gold remains in a short term sideways trend as we bounce to first resistance at 1693/94. A break above 1696 meets a selling opportunity at 1702/04 with stops above 1709. A break higher is a buy signal targeting 1713/14 & 1720/22, perhaps as far as 1728/30 for some profit taking on longs.

Holding first resistance at 1693/94 targets 1690/88, perhaps as far as 1680/78. Further losses meet minor support at 1670/69. A break lower tests the 2 week low at 1661/59.

Silver first support at 1483/81 then strong support at 1450/46. A break below 1440 targets 1422/20.

First resistance at 1518/22 but above here re-targets 1541/42, perhaps as far as 1549/1551. A break higher targets 1559/62. Try shorts at 1583/88 with stops above 1593.

Trends

Weekly outlook is positive

Daily outlook is neutral

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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