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
