Gold: Key resistance level at 1966

Jason Sen DayTradeIdeas.co.uk

Gold – Silver

Gold Spot shorts at key resistance at 1967/70 worked perfectly. We topped at 1972 & collapsed to our buying opportunity at 1948/44. We bottomed exactly here for a bounce to 1960. Easy money!

Silver Spot is in an even more erratic sideways consolidation phase. I think eventually the bull trend will resume, but I have no idea of timing.

Daily Analysis

Gold holding above 1950 today targets of 1960 & 1965. Today's key resistance is at 1966/69. Shorts need stops above 1973. A break higher is a medium term buy signal initially targeting 1981/84 then 1990.

If you try shorts at 1967/69 look for a dip to 1963/62 & minor support at 1953/51 for profit taking. Try longs at 1948/44 with stops below 1939. A break lower is a sell signal targeting 1936/35 with a break below here adding pressure for 1935/24 & 1920/16.

Silver retests minor resistance at last week's high of 2742/46. A break higher is a buy signal targeting 2766/70 (missed by 6 ticks yesterday) & 2800/10.

Good support at 2713/07 & also at 2690/80. A break below 2670 therefore is a sell signal.

Chart

Author

Jason Sen

DayTradeIdeas.co.uk

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