Gold Spot longs at best support at the lower trend line

Jason Sen DayTradeIdeas.co.uk

Gold – Silver

Gold Spot longs at best support at the lower trend line at 1898/96 worked perfectly – we bottomed exactly here & shot higher to the 1913/15 target.

Silver Spot beat minor resistance at 2440/50 but reversed from 2497 to confirm the sideways trend.

Daily Analysis

Gold longs hit 1913/15 for some profit taking with key 6 week trend line resistance at 1917/19. I think we will break higher. A break above 1923 should be enough confirmation of a medium term buy signal initially targeting the October high at 1932/33. A break higher targets 1940 & 1945.

Failure to beat key 6 week trend line resistance at 1917/19 targets 1913/12, perhaps as far as a buying opportunity at 1904/00, with stops below 1895. A break below here is a medium term sell signal.

Silver beats minor resistance at 2440/50 targeting 2475/85 & 2520/25. First support at 2450/40 but below here meets strong support at 2415/05. Longs need stops below 2395. A break lower target 2360/50 perhaps as far as 2310/00.

Chart

Author

Jason Sen

DayTradeIdeas.co.uk

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