Gold hits new all time highs every day

Jason Sen DayTradeIdeas.co.uk

Gold

Gold we wrote: The bulls are unstoppable & there is almost panic buying. A break above 4151 can target 4166/4169, 4173/76 & 4181/84.
All targets were hit with a new all time high at 4186, almost exactly at the upper target.
Eventually we could reach as far as 4235/38.
Severely overbought conditions concern me but at this stage I cannot even think about a short position....however I would not be surprised to see a sudden downturn, such as we experienced last week, so keep your trading under control!
I wrote that yesterday and it still applies today.
Yesterday we collapsed to buying opportunity at 4105/4095 & longs needed stops below 4090.
The long worked perfectly as we caught the low of the day and shot higher from to 4090 to 4186.
As stated above the next target is 4235/38 & above here look for 4246/49.
Sharp pullbacks could still be expected at some point during the day in severely overbought conditions.
Support at 4120/4110 & longs need stops below 4095.
A break lower targets a buy opportunity at 4065/4055, with a good chance of a low for the day here but longs need stops below 4040.
Targets: 4100, 4150, 4180.

Author

Jason Sen

DayTradeIdeas.co.uk

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