Gold expected to test support at 3,345/3,340 today

Jason Sen DayTradeIdeas.co.uk

Gold

Gold lower again as expected after Wednesday's bearish engulfing candle indicated a bull trap meaning further losses are expected in to the end of the week.
We now have resistance at 3389/93 so could see a high for the day here on any short term recovery.
Shorts need stops above 3398.
The break below 3373 was expected & we hit the next downside target of 3365/60 which held initially as expected.
I'm still expecting further losses to target a buying opportunity at 3343/39 before the the end of the week.
Longs need stops below 3333 - targets: 3357, 3365 & even 3372 looks possible.

Silver

Silver unexpectedly collapsed from 3952 & broke back below 3915/10 so bulls have lost control & longs in the short term.
We just made a low at the support at 3875/70.
However I think this level will be broken at some stage today & we will continue lower towards better support at 3853/48.
A low for the day is likely here but longs need stops below 3840.
Targets: 3864 & 3873 for profit taking.
Just be aware that a break below 3840 risks a slide to 3800/3790.

Author

Jason Sen

DayTradeIdeas.co.uk

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