Gold Spot consolidates losses by trading sideways

Jason Sen DayTradeIdeas.co.uk

Gold – Silver

Gold Spot consolidates losses by trading sideways. A break below 1855 is a sell signalfor today & a break below 1847 is another sell signal.

Silver Spot we are short at first resistance at 2430/40 with stops above 2450.

Daily Analysis

Gold not doing much this week after the crash on Monday. First resistance at 1883/86but a break higher is a buy signal targeting 189 & selling opportunity at 1897/1900with stops above 1904. A break higher however targets 1916/18, perhaps as far asresistance at 1921/23.

Holding first resistance at 1883/86 targets 1876 & 1872. If we continue lower look for1860/58 & 1855. A break below support at the September low at 1848/47 is a sellsignal initially targeting 1835.

Silver shorts at first resistance at 2430/40 target 2390/80 before a retest of thisweek’s low at 2360/55. A break lower targets minor support at 2330/25. A breakbelow 2315 signals further losses to 2300 before a retest the October low at 2265/55.

Shorts need stops above 2450 allows a recovery to resistance at 2465/70. A breakabove 2480 opens the door to 2500/10.

Chart

Author

Jason Sen

DayTradeIdeas.co.uk

EUR/USD makes a U-turn, focus on 1.1900

EUR/USD’s recovery picks up further pace, prompting the pair to retarget the key 1.1900 barrier amid further loss of momentum in the US Dollar on Wednesday. Moving forward, investors are expected to remain focused on upcoming labour market figures and the always relevant US CPI prints on Thursday and Friday, respectively.

GBP/USD sticks to the bullish tone near 1.3660

GBP/USD maintains its solid performance on Wednesday, hovering around the 1.3660 zone as the Greenback surrenders its post-NFP bounce. Cable, in the meantime, should now shift its attention to key UK data due on Thursday, including preliminary GDP gauges.

Gold holds on to higher ground ahead of the next catalyst

Gold keeps the bid tone well in place on Wednesday, retargeting the $5,100 zone per troy ounce on the back of modest losses in the US Dollar and despite firm US Treasury yields across the curve. Moving forward, the yellow metal’s next test will come from the release of US CPI figures on Friday.