Gold: Good support at 1770/68

Jason Sen DayTradeIdeas.co.uk

Gold, Silver, WTI Crude

Gold Spot bottomed exactly at strong support at 1770/68. Longs need stops below1766 today.

Silver Spot still just holding strong support at 2610/00.

WTI Crude JUNE Future longs at support at 6075/65 work on the bounce to the first target of 6170/90 as we look for a test of strong resistance at 6265/75 today.

Daily analysis

Gold longs at strong support at 1770/68 target minor resistance at 1778/81 (hit), perhaps as far as 1788/89 today. Strongest resistance for this week at 1792/96coupled with strong 100-day moving average resistance at 1801/03. A high for the week could be seen here so it is worth profit taking on longs. However, a break above1806 signals further gains, initially to 1815.

Good support at 1770/68. Longs need stops below 1766. Next downside target is1760 then 1755/53.

Silver holding strong support at 2610/00 targets the strongest resistance for this week at 2650/60. A break above 2670 targets 2685/95. A break above 2705 is the next buy signal.

Strong support at 2610/00 but longs need stops below 2580. Next downside target &support at 65/60 but below 2555 look for 2540/2735.

WTI Crude bounced from support at 6075/65 hits the first target of 6170/90 & now targets strong resistance at 6265/75. Strong resistance again at 6360/80. A break above 6400 targets 6480/85 with strong resistance at 6535/65.

First support at 6100/6080 again today. A break below 6060 however targets 6020/00. Longs need stops below 5980.

Chart

Author

Jason Sen

DayTradeIdeas.co.uk

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