Gold trading in a bull flag formation

Jason Sen DayTradeIdeas.co.uk

Gold & Silver Spot

Gold trading in a bull flag formation but while holding within the mid point of this flag, as we are now, this offers little trading opportunities.

Silver collapsed to important support at 1655/50 & bottomed exactly here so obviously this is key to direction again today.

Daily Analysis

Gold minor resistance at 1464/65 then stronger resistance at 1472/74. Shorts need stops above 1477. A break higher targets 1481/82 then a selling opportunity at 1488/90 with stops above 1492. A break higher is an important medium term buy signal.

First support at 1457/55. A break below 1453 targets 1450 & 1445.

Silver has important support at 1655/50. A break below 1630 is a sell signal targeting 1610 & 1590/85.

Longs at important support at 1655/50 target 1675/80 & strong resistance at 1693/96. A break above 1700 targets strong resistance at 1726/30.

Trends

Weekly outlook is positive

Daily outlook is neutral

Short Term outlook is neutral

Author

Jason Sen

DayTradeIdeas.co.uk

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