Gold has strong support at 1240/38 coupled

Jason Sen DayTradeIdeas.co.uk

Daily Forecast - 13 July 2018

Gold & Silver Spot

Gold has strong support at 1240/38 coupled with important 200 week moving average at 1234/33. If 1238/33 holds bulls are back in charge. A weekly close tonight below 1230 is a very important longer term sell signal & should trigger significant downside pressure.
Gains are likely to be limited with minor resistance at 1246/47 & 1251/52 but strong resistance at 1255/56 a selling opportunity with stops above 1259.

Silver bottomed exactly at the low at 1573. Below here is a sell signal targeting 1563/60. Not sure if this will hold either & a break lower is another important sell signal (& weekly close below tonight confirmation) initially targeting 1540/37.
First resistance at 1600/02 then strong resistance at 1610/12. Try shorts with stops above 1620.

Author

Jason Sen

DayTradeIdeas.co.uk

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