Gold holding above minor support at 1251/52

Jason Sen DayTradeIdeas.co.uk

Daily Forecast - 25 May 2017

Gold

Gold holding above minor support at 1251/52 tests first resistance at 1255/57 before strong resistance again at 1264/65 which has held perfectly of course. HOWEVER mega important 4.5 year trend line resistance at 1275/79 is the big challenge this week. Try shorts with stops above 1290.

Minor support at 1251/52 but look for much better support at 1245/44 for profit taking on any shorts. A bounce from here is certainly possible but a break lower targets a buying opportunity at 1234/32 with a low for the day expected if we reach this far. Try longs with stops below 1228, & look for a bounce towards 1243/44.

Gold Current Trading Positions

Sell 30%

Buy 70%

Avg Sell Price 1272.09

Avg Buy Price 1249.29

Liquidity Distribution

Author

Jason Sen

DayTradeIdeas.co.uk

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