Gold: Longs need stops below 1724

Jason Sen DayTradeIdeas.co.uk

Gold – Silver

Gold Spot held first support at 1745/40 all morning before a break lower over lunch to strong support at 1730/25. We bottomed exactly at then held above 1745/40 for the rest of the day.

Silver Spot unexpectedly held within Thursday’s range & dipped to 6 pips above the lower support at 2490/80.

Daily analysis

Gold first support at 1742/39 but below here can target strong support at 1730/28. Longs need stops below 1724.

Very minor resistance at 1746/48 before a retest of strong resistance at 1758/62. (There is a risk we trade in a 30 point range all this week). A break above 1764 however, targets 1766, 1775 & resistance at 1782/86.

Silver has 2 support levels at 2520/15 & 2490/85. Longs need stops below 2480. A break lower to risks a slide to 2470/65 & 2450/45 & could fall further this week.

A break above 2530 signals a move towards last week’s high & 100-day moving average resistance at 2560/70. A break above 2575 opens the door 2610/20.

Chart

Author

Jason Sen

DayTradeIdeas.co.uk

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