Gold is trending lower – A break below 1910 is a sell signal [Video]

Gold Spot we wrote: collapsed from the all time high leaving significant double top risk with a moderately negative candle on the weekly chart now. With a weekly close almost unchanged, a shooting star candle has formed, which warns the bull run has ended, increasing risks to the downside.
Gold now breaks support at 1958/54 for another sell signal.
Silver breaks the head & shoulders neckline at 2540/20 but holds very short term support at 2505/00, so a break below here today is a sell signal targeting 2400/2380.
WTI Crude April I warned of a significant bull trap, which risks further losses this week.
The break of important support at 104.80/30 is our next negative signal targeting 101.00/100.50 & 9930/9900.

Jason Sen DayTradeIdeas.co.uk

Today's analysis

Gold now trending lower as we clearly warned yesterday. The break of support at 1958/54 is a short term sell signal targeting 1950/48, perhaps as far as 1942/40 today. In fact we could eventually fall as far as 1925/20 for a buying opportunity this week, stop below 1910. A break lower is the next sell signal.

Gains are likely to be limited with minor resistance at 1955/58. If we continue higher expect strong resistance at 1975/78.

Silver break of head & shoulders neckline at 2540/20 yesterday is a sell signal. A break below 2490 is today's sell signal targeting 2460/40 then strong support at 2400/2380. Longs need stops below 2360.

Bulls are in trouble now after the unexpected reversal on Wednesday. Gains are likely to be limited to 2525/35. Shorts need stops above 2545.

WTI Crude April broke important support at 104.80/30 to target 101.00/100.50 & 9930/9900. I would not be surprised to see a test of strong support at 9750/9650, even today. Longs need stops below 9550.

Gains are likely to be limited with first resistance at 104.40/80. Shorts need stops above 105.40.

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.

AUD/USD sits near a one-month top, above 0.7000 amid fresh USD selling

AUD/USD holds above 0.7000 through the Asian session, trading near a one-month high touched earlier this Monday amid renewed US Dollar selling. US bond yields decline further amid a modest pullback in crude oil prices, capping the USD recovery from a three-week low. Moreover, bets for a November RBA rate hike support the Aussie, though upside seems capped ahead of the crucial two-day FOMC meeting, starting Tuesday.

USD/JPY struggles below 157.00 on weak USD; holds above one-month low ahead of Fed, BoJ meetings

USD/JPY attracts fresh sellers during the Asian session on Monday, stalling its recovery from the lowest level since September 18, touched Friday as a further decline in US bond yields weighs on the US Dollar. Meanwhile, the Japanese Yen benefits from a more hawkish BoJ, further weighing on the currency pair. The downside, however, seems limited as traders keenly await Fed and BoJ policy meetings later this week.

Gold sticks to modest recovery gains above $4,000 as Fed hike bets cap upside

Gold stages a modest recovery from the vicinity of a three-month low, trading above the $4,000 psychological mark through Monday’s Asian session amid a softer US Dollar. US President Donald Trump has ruled out immediate military action against Iran, triggering a modest pullback in crude oil prices. Furthermore, Federal Reserve officials have signaled no urgency to raise interest rates immediately.

Cardano's derivatives and on-chain data confirm bears in control

Cardano extends losses, trading below $0.202 after three consecutive weeks of more than 20% declines since early October. Selling pressure continues to build as weakening derivatives metrics, bearish on-chain signals and a deteriorating technical outlook point to further downside risks. Derivatives data shows a bearish bias for Cardano.

Flight to safety meets a high earnings bar as central bank week begins

Treasuries rallied again, equities are struggling, and central banks and earnings are on the horizon. Last week, US Treasuries rallied for a second consecutive week. This pushed 10s and 30s to 5% and 5.33%, respectively, flattening the curve even as Brent crude rallied about 7% to within striking distance of March peaks at US$119.50, and tech stocks posted a second straight week of losses.

What November 3 means for the Fed's rate path and the US Dollar

The USD faces a decisive period ahead of the November 3 midterm elections. While markets anticipate another interest rate increase from the Fed in December, the battle for control of Congress could reshape fiscal policy expectations and, indirectly, the path of US monetary policy in 2027.