Gold day trading plan: Exact levels to watch today [Video]

Jason Sen DayTradeIdeas.co.uk

XAU/USD

Gold made a high for the day exactly at strong resistance at 4355/4365, for the second day.

Shorts worked as we reversed to my targets of 4335/4330 then a low for the day only 3$3 above minor support at 4310/4300.

Same levels apply for today.

Watch strong resistance again at 4355/4365. Perhaps we will range from here down to 4300/4290 while we wait for the next move.

However shorts at strong resistance at 4355/4365 need stops above 4575.

A break higher is a buy signal for today & can target 4410/4420.

If we reverse again from strong resistance at 4355/4365 we can retarget 4335/4330 then minor support at 4310/4300.

Just be aware that a break below 4285 risks a slide to 4273/4270.

If we continue lower, look for a buying opportunity at 4245/4240 & longs need stops below 4230.

XAG/USD

Silver traded between $69 and $71 in a quiet session.

A break above this week's high at 7130 meets strong resistance at 7200/7220. Shorts need stops above 7280.

Targets on the downside are 7080/7050 with strong support at 6905/6870.

We made a low for the day exactly here yesterday & longs worked perfectly on the bounce to 7100 as predicted.

We should meet strong support again at 6905/6870.

Longs need stops below 6840.

A break lower risks a slide to 6770/6740.

Longs at strong support at 6905/6870 can target 6980/7000, perhaps as far as yesterday's high at 7110/7130.

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.

GBP/USD hits multi-week tops around 1.3560

GBP/USD gathers fresh steam and advances to new three-month peaks near the 1.3560 zone on Friday. Cable’s sharp move higher comes after three daily drops in a row and follows the increasing selling pressure hurting the Greenback.

EUR/USD pops to fresh two-month highs, targets 1.1600

EUR/USD advances markedly, revisiting the upper 1.1500s for the first time since mid-June. The pair’s sharp uptick comes on the back of a strong retracement in the US Dollar amid BoJ intervention chatter and despite steady uncertainty in the Middle East.

Gold extends its struggle with $4,400, but bullish bias intact

Gold is holding the previous recovery from near $4,300 on early Monday, struggling around the key $4,400 level. However, buyers retain control as the new week kicks in, with all eyes on the Middle East updates and the Minutes of the US Federal Reserve July monetary policy meeting.

Bitcoin holds critical support, Ethereum awaits directional move, XRP weakens

Bitcoin, Ethereum, and Ripple begin the week on a cautious note after slipping over 3%, 1.5%, and 3.5%, respectively, in the previous week. BTC finds support around the key $62,300 level while ETH continues to trade sideways. Meanwhile, XRP hovers around $1.00, with weakening momentum suggesting deeper losses.

US Dollar Weekly Forecast: Economic cracks challenge Fed rate bets

It was a strange week for the US Dollar: while the geopolitical situation has remained largely unchanged, with the usual back-and-forth between the US, Iran, and occasional third parties, disappointing domestic data have re-emerged, reducing expectations of potential tightening by the Federal Reserve in the next few months.

Why is Crude Oil priced for a reopening the ships haven't made?

Fourteen vessels crossed the Strait of Hormuz on Tuesday. Before the war, the count ran near 120 a day. In the sessions since the waterway was publicly declared open, Brent has drifted back to $87 and West Texas Intermediate (WTI) to $81, both a little lower again on Wednesday, with daily momentum on each unwound from the top of its range in late July to the low twenties now.