Gold holding below 1308/09 tests good support at 1303/01

Jason Sen DayTradeIdeas.co.uk

Gold _ Silver Spot

Gold holding below 1308/09 tests good support at 1303/01. However below 1299 risks a slide to minor support at 1294/92. Important support at 1284/82. Longs need stops below 1279.
Holding above 1310 tests resistance at 1312/13. Although this is the main challenge for bulls today it is not very strong & we are certainly not overbought so shorts are risky. A break above 1314 is a buy signal initially targeting 1319/20.

Silver selling opportunity again at 1532/35 with stops above 1540. A break higher is a buy signal targeting 1548/49 then 1555. Holding below 1530 risks a slide to 1520. Below here targets 1505 then the March/April low at 1496/88. A break lower targets 1485, 1475/72 perhaps as far as 1465.

Author

Jason Sen

DayTradeIdeas.co.uk

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