Gold spot remains in a sideways trend

Jason Sen DayTradeIdeas.co.uk

Gold – Silver

Gold Spot very much remains in a sideways trend as we bounce back to recover some of Friday's losses & hit strong resistance at 1904/08.

Silver Spot breaks low out of the ascending triangle but has bounced back for a selling opportunity at 2440/50 with stops above 2470.

Daily Analysis

Gold holding strong resistance at 1904/08 is negative for today of course initially targeting 1896/95 (which held on all 3 tests last week). Further losses target 1890 before support at the 100 day moving average at 1882/80.

First resistance at 1904/08 but shorts need stops above 1912/13. A break higher initially targets 1917/18. Above 1920 allows a recovery to 1925 & strong resistance at 1930/32.

Silver holding strong resistance at 2440/50 initially targets 2420/10. A break lower targets 2405/00 then 2360/50. On further losses look for 2310/00.

Shorts at 2440/50 stop above 2470. A break higher is buy signal targeting 2510/20. A break above 2530 is another buy signal.

Chart

Author

Jason Sen

DayTradeIdeas.co.uk

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