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

EUR/USD holds near 1.1900 ahead of US data

EUR/USD struggles to build on Monday's gains and fluctuates near 1.1900 on Tuesday. Markets turn cautious, lifting the haven demand for the US Dollar ahead of the release of key US economic data, including Retail Sales and ADP Employment Change 4-week average.

GBP/USD declines toward 1.3650 on renewed USD strength

GBP/USD stays on the back foot and declines to the 1.3650 region on Tuesday. The negative shift seen in risk mood helps the US Dollar (USD) gather strength and makes it difficult for the pair to find a foothold. The immediate focus is now on the US Retail Sales data.

Gold stabilizes above $5,000 ahead of US data

Gold enters a consolidation phase after posting strong gains on Monday but stays above the $5,000 psychological mark and the daily swing low. US Treasury bond yields continue to edge lower on news of Chinese regulators advising financial institutions to curb holdings of US Treasuries, helping XAU/USD hold its its ground.

Bitcoin Cash trades lower, risks dead-cat bounce amid bearish signals

Bitcoin Cash trades in the red below $522 at the time of writing on Tuesday, after multiple rejections at key resistance. BCH’s derivatives and on-chain indicators point to growing bearish sentiment and raise the risk of a dead-cat bounce toward lower support levels.

Dollar drops and stocks rally: The week of reckoning for US economic data

Following a sizeable move lower in US technology Stocks last week, we have witnessed a meaningful recovery unfold. The USD Index is in a concerning position; the monthly price continues to hold the south channel support.

Bitcoin Cash trades lower, risks dead-cat bounce amid bearish signals

Bitcoin Cash (BCH) trades in the red below $522 at the time of writing on Tuesday, after multiple rejections at key resistance. BCH’s derivatives and on-chain indicators point to growing bearish sentiment and raise the risk of a dead-cat bounce toward lower support levels.