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

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.