Gold & Silver spot
Gold longs at the best support for today at 1694/93 were perfect, but shorts at 1704/06 stopped above 1712 so we gave back some profit. The next test overran a little, but only to 1691. Obviously this level is key to direction today so a break lower is a sell signal. Silver is not worth trading when there appear to be better opportunities in Gold. Silver is barely moving.
Today’s Analysis Gold best support for today at 1694/93 but be ready to sell a break below 1690 to target 1679/76 for profit taking on shorts. If we continue lower look for 1672/70, perhaps as far as 1661/59.
Longs at 1694/93 targets 1704/06, perhaps as far as 1712/13. A break higher targets 1718/20. Unlikely but if we continue higher look for 1728 & 1731/32 before a retest of 1738. Obviously we have key resistance at the bull market high of 1744/46. A sustained break above is a buy signal initially targeting 1750/51.
Silver lacking any direction as we trade sideways throughout April. First support at 1505/00 but below 1490 targets 1483/81, perhaps as far as strong support at 1451/48.
Minor resistance at 1514/17 & again at last week’s high of 1541/42 but above here targets
1552 & 1559/62. Try shorts at 1583/88 with stops above 1593.
Trends
Weekly outlook is positive
Daily outlook is neutral
Short Term outlook is neutral
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.
