Gold: Should be good for scalpers now

Jason Sen DayTradeIdeas.co.uk

Gold – Silver

Gold Spot longs at our buying opportunity at 1909/07 worked perfectly with this marking a low for the day before a bounce to our first target of 1932/34 & as far as 1956. Silver Spot more volatile than I expected with longs at 2270/60 stopped below 2250 before we shot higher from 2232 to 2474.

	Scalping levels.	Target.
AUDUSD	Potential double top sell signal in overbought conditions.
AUDUSD	scalping levels: 7130/20, 7030/20 – 30/40 pip turn
AUDUSD	buy a break above 7190	7235, 7260
NZDUSD	selling opportunity at 6680/6700. Stop above 6710	6625, 6580
NZDUSD	A break higher is a buy signal	6710, 6750, 6775
NZDUSD	buy 6630/25, with stops below 6615, target is 6650
NZDUSD	buy at 6580/70 with stops below 6555	6615, 6640
EURJPY	buying opportunity at 123.15/05 with stops below 122.85
EURJPY	buying opportunity at 122.10/00 stops below 121.85.
EURUSD	Support at 1.1695/85, stops below 1.1670
EURUSD	Buying opportunity at 1.1645/35, with stops below 1.1615.
USDCAD	buying opportunity at 1.3360/50, stops below 1.3330	1.3400, 1.3420, 1.3440
USDCAD	a break lower is a sell signal
USDCAD	sell at 1.3485/95, stops above 1.3515	1.3440, 1.3410
Gold	buying opportunity at 1909/07, with stops below 1902.	1930
Dax September	selling opportunity at 12900/930 with stops above 12980	12800, 12650
Dax September	Best support at 12560/530. Stop below 12480.

Daily Analysis

Gold looks likely to enter a sideways consolidation after such extreme gains, which will mean the odd sharp move to the downside within this pattern as bulls take profit. Should be good for scalpers now. Watch for a small bounce from first support at 1934/32 but below 1930 meets our buying opportunity at 1909/07, with stops below 1902. A break lower is a sell signal targeting 1887/85.

The upside is less clear. Minor resistance at 1952/54. Obviously we have resistance at the 1980 high. Be ready to buy a break above here for 1990/93.

Silver likely to trade in a volatile sideways direction to ease overbought conditions with first resistance at 2470/72. Holding here targets 2425 with first support at 2380/78. On further losses look for 2325/22 with a buying opportunity at 2260/50, stops below 2230. However if we continue lower look for 2180/70.

Above 2480 allows a recovery to 2535/45. Obviously we have resistance at 2610/20 highs.

Trends
Weekly Outlook	Positive
Daily Outlook	Positive
Short Term Outlook	Positive

Chart

Author

Jason Sen

DayTradeIdeas.co.uk

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