Gold continue sideways, trading in a bull flag formation

Jason Sen DayTradeIdeas.co.uk

Gold and Silver Spot

Gold continue sideways, trading in a bull flag formation as we predicted for several weeks & this could go on for several weeks (unfortunately it is!). We edge higher to 1486, closing in on important resistance at 1490/92.

Silver we wrote: finally beats 1710/12 as expected for a buy signal targeting 1726/30, perhaps as far as minor resistance at 1740/45 this week.

Daily Analysis

Gold beat 1478/80 to top exactly at the next target of 1485/86. Expect strong resistance at 1490/92 but a break above 1492 is an important medium term buy signal. Buy in to a long & hold for a swing trade.

Minor support at 1471/73 but below 1470 tests support at 1463/61. Below 1460 targets 1457/56. A break below 1454 targets 1450 & 1445.

Silver topped exactly at the next target & minor resistance at 1740/45. A break higher eventually is expected, targeting 1755/58 & 1763/66.

Downside is expected to be limited but below 1740 risks a slide to 1730/25. Try longs with stops below 1720.

Trends

Weekly outlook is positive

Daily outlook is neutral

Short Term outlook is neutral

Author

Jason Sen

DayTradeIdeas.co.uk

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