Gold sell opportunity is at 1795/1800

Jason Sen DayTradeIdeas.co.uk

Gold, silver, WTI crude

Gold Spot holding below strong resistance at 1795/1800 keeps the outlook negative. If you are short from this level it could be worth holding the position as it looks like we are in a consolidation, probably a bear flag before the next move lower. Bulls need a break above 1805 for a buy signal.

Silver Spot has topped exactly at first resistance at 2630/40 this week to keep the outlook negative.

WTI Crude August broke first support at 7330/20 but then bottomed exactly at the next target & support at 7235/25. Longs here worked perfectly on the bounce to 7363 for a minimum 100 tick profit.

Daily analysis

Gold holding below minor resistance at 1785 is negative for today but the best sell opportunity is at 1795/1800 again of course. Stop above 1805. Bulls need a weekly close tonight above 1800 for a buy signal at the start of next week targeting 1811 & 1820/23.

Moves are expected to the downside eventually to 1770 & 1765/60. ON a break lower look for 1755, 1750 & 1735/30.

Silver gains are likely to be limited again today with first resistance at 2630/40. A break above 2650 however allows a recovery to strong resistance at 2670/80. If silver continues higher look for 2710/20.

200 dma support at 2580/70 has held perfectly this week. A break below this week’s low at 2550 is another sell signal targeting 2525 & 2505/2500.

WTI Crude holding first support at 7330/20 this morning in the bull trend allows a recovery to 7380/90 & 7425/45. A break higher targets 7485/95.

Below 7300 risks a retest of 2nd support at 7235/25. A break below 7210 however can target strong support at 7120/10.

Chart

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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