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

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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