Gold spot holding below 1889/90 keeps the outlook negative

Jason Sen DayTradeIdeas.co.uk

Gold – Silver

Gold Spot holding below 1889/90 keeps the outlook negative. Key support at 1859/57 so a break below here is a sell signal.

Silver Spot now trading in a range from 2320 up to 2355/60.

Daily Analysis

Gold gains are likely to be limited with first resistance at 1875/77. Shorts need stops above 1880. Try shorts at 1887/89 with stops above 1892.

Shorts at first resistance at 1875/77 target 1866/64 with first support at 1859/57. Longs need stops below 1854. A break lower is an important sell signal targeting 1848/46 & strong support at 1835/30 for profit taking but longs may still be too risky.

Silver holding resistance at 2355/60 A break above 2370 targets 2390 then a selling opportunity at 2420/30 with stops above 2440.

Minor support at 2285/75. Be ready to sell a break below 2250 targeting 2210/00 & 2175/65.

Chart

Author

Jason Sen

DayTradeIdeas.co.uk

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