Gold ready to trade higher today

Jason Sen DayTradeIdeas.co.uk

XAU/USD

Gold made a high for the day exactly at resistance at 3330/3335 & traded down to 3322 but there was only this 100 tick profit offered on shorts.
I think we will break higher today - so a break above 3337 is a buy signal targeting resistance at 3350/3355.

A high for the day is possible but shorts need stops above 3360.

However if we do hold resistance at 3330/3335, targets are 3322 & 3313.

If we continue lower look for a retest of 3305/00.

Failure to hold 3300 on the downside today means we are likely to target 3285/3280, perhaps as far as 3265/60.

XAG/USD

Silver still holding strong support at 3795/3785 and made a low for the day exactly here for the 2nd day, just as I predicted.

We hit the first target of 3830 and I think there is a good chance that Silver could resume the longer term bull trend... It could be worth holding onto these long positions for a few days (or even longer).

There is a good chance of a low for the day again today & even for the short term correction here.

Longs need stops below 3765.
Targets: 3830, 3850.

Although we will probably stall around 3850 I definitely would not sell into short positions because I think eventually we will break above 3855 for a buy signal targeting the 3900/3920 area.

Just be aware that an unexpected break below 3765 can target 3700/3690.

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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