Gold gains are likely to be limited with first resistance at 1784/85

Jason Sen DayTradeIdeas.co.uk

Gold – Silver

Gold Spot collapsed again towards the next downside target of 1763/60 but held 1point above. There’s no buy signal but we are so severely oversold that we need totrade sideways.

Silver Spot sees a bounce from 2188 to our selling opportunity at 2280/90 with stopsabove 2300.

Daily Analysis

Gold gains are likely to be limited with first resistance at 1784/85 (in fact we toppedexactly here over night) but above yesterday’s high at 1789 meets a sellingopportunity at 1794/98 with stops above 1803. A break higher targets 1810/14.

Holding first resistance at 1784/85 targets 1778/76 before 1763/60. On further losseslook for 1753/51.

Silver hit 2220/10 & over ran to 2188 before a bounce to 2250/60. Sell at 2280/90with stops above 2300. A break higher targets 2317/20 then sell again at 2330/40with stops above 2360.

Shorts at 2280/90 target 2255/50 then 2220/10. A break below 2185 is the next sellsignal.

Chart

Author

Jason Sen

DayTradeIdeas.co.uk

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