Gold has key resistance at 4,455/4,465 [Video]

Jason Sen DayTradeIdeas.co.uk

Gold

Gold hit my target for the day & strong resistance at 4355/4365.

Shorts worked as we reversed to my targets of 4335/4330 then minor support at 4310/4300.

We made a low for the reversal exactly here & we are recovering a little this morning.

Watch strong resistance again at 4355/4365. Perhaps we will range from here down to 4300/4290 while we wait for further developments in the war (or peace agreement).

We could have minor resistance at 4321/25 but I am not sure this is a trading level. We may just pause here as we recover.

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.

Author

Jason Sen

DayTradeIdeas.co.uk

Jason Sen began his career in the options pits on the trading floor of LIFFE in 1987 at the age of 19, making markets on his own account. In 2001 when the trading floor closed he successfully made the transition to day trading on computer screens.

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