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.

EUR/USD struggles to build on recent rebound, holds above 1.1550

EUR/USD trades marginally lower on the day but holds above 1.1550 in the American session, following Thursday's rebound. The pair holds near its intraday high as the US Dollar remains pressured by hopes the Middle East conflict will soon come to an end.

GBP/USD hovers around 1.3400 as investors await war clarity

GBP/USD remains near its daily open, not far from 1.3400, in the second half of Friday's session. The US Dollar lost its previous intraday strength and weakens as investors await clarity on the US-Iran war.

Gold stabilizes above $4,200 as wait-and-see continues

After rising more than 3% on Thursday, Gold (XAU/USD) stabilized around the $4,200 mark in the American session on Friday. The US dollar seesaws between gains and losses, but remains within familiar levels as investors remain skeptical yet hopeful about a resolution to the Middle East conflict.

Crypto Today: Bitcoin, Ethereum, XRP recovery slows amid incessant capital outflows

The cryptocurrency remains in a broader corrective bias on Friday, despite majors such as Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) holding slightly higher than early-week support levels.

SpaceX launches 24% higher at Friday debut

Space Exploration Technologies (SPCX), aka SpaceX, zoomed 24% higher soon after the start of its first IPO trading day on Friday. Shares of the rocket and artificial intelligence (AI) company founded by Elon Musk began trading at about 11:46 am EST and quickly gained speed.

4.2% headline, 0.2% core: Why the Fed's next hike may be targeting the wrong problem

May's CPI put headline inflation at 4.2% on the year, up from 3.8% in April and the hottest reading since April 2023, while core prices rose just 0.2% on the month, undershooting the 0.3% consensus and halving April's pace.