Short term sell signals for Gold and Silver [Video]

Jason Sen DayTradeIdeas.co.uk

Gold

We are stuck in a 5 day sideways range from 4310 to 4449 & we are likely to hold this range for a while longer, especially as the last 2 weeks of August are usually very quiet.

We headed lower yesterday, reversing again & wiping out Monday's gains, keeping that up one day, down the next day pattern, in the sideways trend.

We broke support at 4355/4345 & should have a sell opportunity at 4355/4365 today - shorts need stops above 4375.

Targets: 4335/30 & 4310/05 for profit taking on shorts.

A break higher tests the 100 day moving average at 4385/4390.

Above here we may retest recent highs at 4420/4430.

Just be aware that a break below 4305 today completes a short term double top sell signal & could trigger further losses as far as 4220/4210 (eventually).

Author

Jason Sen

DayTradeIdeas.co.uk

Jason Sen began his career in the options pits on the trading floor of LIFFE in 1987 at the age of 19, making markets on his own account. In 2001 when the trading floor closed he successfully made the transition to day trading on computer screens.

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