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

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