Gold spot beats resistance at 1815/18

Jason Sen DayTradeIdeas.co.uk

Gold – Silver

Gold Spot beats resistance at 1815/18 for a buy signal targeting 1828/29, 1832/34 & topped exactly at strong resistance at 1840/45. We did turn lower as predicted to 1826/24 & bottomed exactly here.

Silver Spot inside day shows lack of conviction from bulls or bears as we hold 2375/80 on the downside.

Daily Analysis

Gold topped exactly at strong resistance at 1840/45 on the second test over night. Holding here re-targets 1832/30, probably as far as first support at 1826/24. If we continue lower this time there is an excellent buying opportunity at 1814/12, with stops below 1808.

A break above 1846 however signals further gains to 1850, 1857/59 & eventually as far as 1862/65.

Silver holding above 2395/2405 meets resistance at 2440/50. A break above 2460 meets a selling opportunity at 2495/2505 with stops above 2520.

The best support for today is at 2350/40. Longs need stops below 2320. A break lower risks a slide to 2295/85.

Chart

Author

Jason Sen

DayTradeIdeas.co.uk

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