Gold expected to break below 3,263/59 today

Jason Sen DayTradeIdeas.co.uk

Gold

Gold resistance at 3350/55 again today & shorts need stops above 3365.
(Unfortunately we made a high for the day yesterday at 3348.36).
A break above 3365/70 is a buy signal targeting 3385/87 & 3395/99, perhaps as far as 3405/08.
Holding below 3310 risks a retest of 3263/59.
I can't find a reason why this level is holding so well.
If we break lower on a 4th test we should then target 3250 & even a test of strong support at 3220/3210 is possible at some stage.

Silver

Silver still holding inside last Wednesday's range of 3207 - 3367.
Failure to beat first resistance at 3310/20 sees a retest of 3275/65 (a low for the day here yesterday) & we could fall as far as 3240/30.
A break above 3325 however can target 3340/45 before a retest of last week's high at 3360/3367.
A break above 3370 this week targets 3407/3414

WTI Crude JUNE future

Last session low & high: 6012- 6207.

(To compare the spread with the contract that you trade).

WTI Crude broke support at 6200/6190 & longs stopped below 6150 for a sell signal targeting 6080/6040 & as far as my lower target of 5990/70.

In fact we are hitting this target as I write. There's no important support or indication that prices can hold the downside at this stage so further losses are possible to 5920/00, perhaps as far as 5880/50.

Gains are likely to be limited with minor resistance at 6015/35 & strong resistance at 6060/6080. Shorts need stops above 6110.

Today’s trade ideas sheet

Author

Jason Sen

DayTradeIdeas.co.uk

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