Gold retest last week's high at 1822/24 as predicted this week
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Gold held 1 point above first support at 1782/80 - If you did manage to buy in time, Gold shot higher to my targets of 1797/99, 1807/09 & even as far as 1822/24 for a huge 40 point profit on the day.
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Silver has strong support again at 2270/50. Outlook remains positive.
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WTI Crude February resistance at 7620/70. Shorts need stops above 7730. A break higher is a buy signal.
Daily analysis
Gold retest last week's high at 1822/24 as predicted this week. Obviously this is key to direction today with a high for the day exactly here yesterday. Be ready to buy a break above 1826 targeting 1828/30 & 1839/41, perhaps as far as 1846/47.
Failure to beat 1822/24 leaves a potential double top which would be negative in the short term & risks a slide to 1810/09. I still think the downside is likely to be limited but below here can target look for a test of support at 1800/1795. Longs need stops below 1790.
Silver longs at support at 2270/50 worked perfectly this week as we beat 2330/35 to target 2360/65 & 2390/2400, exactly as predicted!! Holding above 2415 keeps the outlook positive targeting 2440 & 2465, perhaps as far as 2490/2500.
The downside is expected to be limited with support at 2390/80. Longs need stops below 2370.
WTI Crude February tests resistance at 7620/70 with a high for the day exactly here. Shorts need stops above 7730. A break higher is a buy signal targeting 7760/80 then 7900/20.
Targets for shorts are 7520, 7420.
Author
Jason Sen
DayTradeIdeas.co.uk
