Gold's best support for today at 1908/03

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. We then beat key 6 week trend line resistance at 1917/19 as predicted for a buy signal initially targeting the October high at 1932/33. We topped exactly here but unexpectedly collapsed back to 1910.

Silver Spot made it as far as our upper target of 2520/25 & topped exactly here.

Daily Analysis

Gold best support for today at 1908/03. Longs need stops below 1895. A break lower is a medium term sell signal, initially targeting the 100 day moving average at 1880/78.

Longs at 1908/03 target 1917/18. Above 1920 allows a recovery to 1925 & strong resistance at 1930/32.

Silver 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.

Holding first support at 2450/40 re-targets 2475/85 & 2520/25.

Chart

Author

Jason Sen

DayTradeIdeas.co.uk

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