Gold is stuck in a five day sideways range from 4310 to 4449 [Video]

Jason Sen DayTradeIdeas.co.uk

Gold

The break above 4399 was a short term buy signal for yesterday targeting 4420/25 but this is as far as we could go in the short term sideways consolidation.

We made a high for the day just $3 above here & reversed to 4399.

We are stuck in a 5 day sideways range from 4310 to 4449 & we are likely to hold this range for a while longer, especially as the last 2 weeks of August are usually very quiet.

Holding very minor support at 4399/4394 allows a recovery to 4420/25.

We can only scalp the levels in the short term & take quick profits in these conditions.

Expect prices to have quite small moves in 1 direction & then reverse through the day.

However a break above 4429 targets 4435 before a retest of last week's high at 4445/4449.

Failure to hold above 4391 targets 4381/4378 then 4369/67.

If we continue lower, look for some support at 4355/4345 this week.

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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