Gold sell opportunity at 1895/1899

Jason Sen DayTradeIdeas.co.uk

Gold, Silver, WTI Crude

Gold Spot shorts at the sell opportunity at 1895/1899 have worked perfectly all this week. Yesterday we bottomed exactly at first support at 1871/69 for a 25 point profit. A weekly close tonight above 1903 is a buy signal for next week.

Silver Spot stuck in a 1 month sideways trend, with first resistance at 2810/20 tested as I write this morning. Shorts need stops above 2835.

WTI Crude JULY Future crashed breaking 200 month moving average support at 6985/75 but bottomed exactly at good support at 6860/30 for a potential 200 tick profit on longs.

Daily analysis

Gold sell opportunity at 1895/1899. Stop above 1903. (We topped exactly here yesterday). A break higher is a buy signal targeting 1912/16. Further gains this week look for 1925 & 10 month trend line resistance at 1935.

Shorts at the sell opportunity at 1895/1899 target 1885 (hit), minor support at 1880/78 today & perhaps as far as first support at 1871/69 for some profit taking. Further losses test key support at 1859/56 with further important 10 month trend line & 200 day moving average support at 1845/40. Perhaps bulls can try to scale in to longs across this range.

Silver first resistance at 2810/20 tested as I write this morning. Shorts need stops above 2835. Further gains retest last week’s high at 2850/54.

First support at 2730/20 but below 2710 is a sell signal targeting 2690/80 before very strong support at 2650/45.

WTI Crude if you managed to buy in to longs at good support at 6860/30 (we bounced just 8 tick above) we shot higher to to 200 month moving average at 6985/75 & as far as 7000/20. On further gains look for 7050/60 then 7085/95 & 7135/55.

Minor support at 6985/65, good support at 6860/30. Longs need stops below 6800.

Chart

Author

Jason Sen

DayTradeIdeas.co.uk

EUR/USD makes a U-turn, focus on 1.1900

EUR/USD’s recovery picks up further pace, prompting the pair to retarget the key 1.1900 barrier amid further loss of momentum in the US Dollar on Wednesday. Moving forward, investors are expected to remain focused on upcoming labour market figures and the always relevant US CPI prints on Thursday and Friday, respectively.

GBP/USD sticks to the bullish tone near 1.3660

GBP/USD maintains its solid performance on Wednesday, hovering around the 1.3660 zone as the Greenback surrenders its post-NFP bounce. Cable, in the meantime, should now shift its attention to key UK data due on Thursday, including preliminary GDP gauges.

Gold holds on to higher ground ahead of the next catalyst

Gold keeps the bid tone well in place on Wednesday, retargeting the $5,100 zone per troy ounce on the back of modest losses in the US Dollar and despite firm US Treasury yields across the curve. Moving forward, the yellow metal’s next test will come from the release of US CPI figures on Friday.