Gold hits $4,000

Jason Sen DayTradeIdeas.co.uk

Gold

Gold a low for the day exactly at minor support at 3941/37 & a good bounce as we hit my $3995/4005 target.
An easy 550 tick profit on the day.
we are so extremely overbought but without a sell signal we have to assume the bulls will continue to push higher towards 4010 & 4016, perhaps as far as 4020/22.
Eventually 4035/40 is possible.
Failure to beat 4000 & a move below 3988 is less positive for this morning & risks a slide to minor support at 3975/70.
Longs need stops below 3960 & a break below here could trigger a retest of yesterday's low at 3941/40.

Silver

Silver broke first support at 4815/4800 & longs stopped below 4790.
We tested the buying opportunity at 4765/45 & longs were held above 4720.
We are climbing back towards minor resistance at 4800/4815, which is key to direction this morning.
Failure to beat this area could leave us ranging down to support at 4765/45.
A break above 4825 (which of course is always possible eventually in the longer term bull trend) targets 4850/55 then 4875/85.
If we continue higher look for 4925/30 & 4945/50.
First support at 4815/4800 & longs need stops below 4790.
Again longs need stops below 4720.
Unlikely but if we do happen to experience a significant correction today, look for strong support at 4700/4680. Longs need stops below 4655.

WTI Crude November future

Last session low & high: 6072- 6211

(To compare the spread with the contract that you trade).

WTI Crude broke support at the lower end of the range (6250 - 6150) for a sell signal.

Prices collapsed as far as 6040. Further losses look likely towards 5990/70, perhaps as far as 5880/60 this week.

Gains are likely to be limited with resistance at 6160/6200.

We made a high for the day here for the last 2 sessions so it its definitely working for scalping opportunities.

A break higher this time meets a sell opportunity at 6260/80 & shorts need stops above 6305.

Author

Jason Sen

DayTradeIdeas.co.uk

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