Gold outlook positive after a very accurate call on a low for the correction at 1314/13

Jason Sen DayTradeIdeas.co.uk

Daily Forecast - 28 July 2016

Gold Spot

Gold outlook positive after a very accurate call on a low for the correction at 1314/13. We could hold above 1334/36 as I expect the bull trend to resume. As we wrote yesterday, a break higher is a buy signal & targets 1345 then only minor resistance at 1350. We should struggle here but again, shorts look risky. A break higher targets 1358/60 then 1368 & the 2016 high so far (but likely to be beaten eventually) at 1374/75.

Failure to hold first support at 1336/35 risks a slide to strong support at 1327/25. Try longs with stops below 1320. Further losses meet good support at 1314/13. Try longs with stops below 1309.

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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