Gold continues to trend lower in the short term

Jason Sen DayTradeIdeas.co.uk

Gold

Gold unexpectedly broke very strong support at 3960/50 with longs stopped below 3930.
However we did not reach as far as my downside target of 3875/70, with a low for the day at 3886.
The bounce hit my resistance at 3970/3980.
This level is obviously important again this morning.
A break below 3920 should trigger further losses today to retest 3886.
A break lower eventually looks likely & targets 3875/70 then 3845/40 is possible.
We should meet support at 3815/05 & longs need stops below 3795.
Shorts at 3970/80 need stops above 4000. A break higher targets 4015/4020.
If we continue higher look for 4040, perhaps as far as 4070/4075.
Very strong resistance at 4120/4130 is a sell opportunity with stop above 4145.

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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