Gold hit all downside targets as far as best support for this week at 1879/75 [Video]

Gold Spot we wrote: outlook remains negative despite some stability yesterday.
Gold lower yesterday as expected as we test best support for this week at 1879/75. Longs need stops below 1870.
Silver we wrote: holding first resistance at 2380/90 for a sell signal targeting 2340/35 & minor trend line support at 2300/2295.

Jason Sen DayTradeIdeas.co.uk

Daily analysis

Gold hit all downside targets as far as best support for this week at 1879/75. Longs need stops below 1870. A break lower is an important medium-term sell signal initially targeting 1955/53, 1850 & 1844/42, perhaps as far as strong support at 1838/35.

Longs at 1879/75 target 1890 & 1906/09. If we continue higher look for resistance at 1920/25.

Silver holding first resistance at 2380/90 for a sell signal targeting 2340/35 (hit) & minor trend line support at 2300/2295. A low for the day is certainly possible today. Longs need stops below 2290. A break lower is another important sell signal with a 100 tick drop possible.

Shorts at first resistance at 2380/90 stop above 2410. An unexpected break higher is a buy signal targeting 2440/50.

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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