Gold spot shorts at key resistance at 1798/1802

Jason Sen DayTradeIdeas.co.uk

Gold, silver, WTI crude

Gold Spot shorts at key resistance at 1798/1802 worked again on Monday as we reverse fro 1798 to hit targets of 1794 & 1788 for up to 10 points profit on the day.

Silver Spot broke strong support at 2400/2380 so this is now resistance.

WTI Crude OCTOBER up one day, down the next day in the 2 week sideways trend. Last week was an inside week so we wait for a breakout this week.

Daily analysis

Gold topped exactly at key resistance at 1798/1802 targeting 1794 & 1788. Further losses look likely to minor support at 1783/81. Expect better support at 1778/76. Longs need stops below 1772. A break lower is a sell signal targeting 1769 & 1761/59 for profit taking.

Strong resistance at 1798/1802 again today -" stops above 1806. A break higher targets 1811/13, perhaps as far as 1816/18 for profit taking on any longs.

Silver broke 2400/2380 for a sell signal initially targeting 2350/40, perhaps as far as 2310/00.

First resistance at 2380/2400 but above here can target 2430/40, perhaps as far as 2450/55. Above 2460 look for a retest of 2480/90.

WTI Crude beat 2 month trend line resistance again at 6980/7000 to hit the next target of 7085/90 as we look for minor resistance at 7120/40. A break higher targets 7190/99.

Strong support at 6960/40 on any weakness. Longs need stops below 6900.

Chart

Author

Jason Sen

DayTradeIdeas.co.uk

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