Silver: Bulls in control

Jason Sen DayTradeIdeas.co.uk

Gold – Silver

Gold Spot we wrote: trying a break above the 1817 high to restart the longer term bull trend, with next targets of 1825/27 & 1835/37.

All targets hit as we reach 1847 in the longer term bull trend.

Silver Spot rocketed over 200 pips as the bull trend resumes, hitting 2240.

Daily Analysis

Gold severely overbought & Gold does like to spike higher then consolidate for an extended period. However we definitely have no sell signal. We stick with buying in to any sell off to support levels- first at 1835/33 then better support at 1825/23. Stop below 1820.

A break above 1850 targets 1875/80, 1895/1900 & eventually the 2011 high of 1911/20.

Silver severely overbought in short & longer term but definitely no sell signal. We could enter another consolidation phase but will buy in to any profittaking to support levels. Minor support at 2205 with better support at 2188/84. Watch for a low for the day. However if we continue lower try longs at 2159/55 with stops below 2147.

Bulls in control so a break above 2040 targets 2080/85 & 2300/05, perhaps as far as 2535/39. If we continue higher look for 2346/49 & 2390/95.

Trends
Weekly Outlook	Positive
Daily Outlook	Positive
Short Term Outlook	Positive

Chart

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.

GBP/USD looks vacillating near 1.3550

GBP/USD alternates gains with losses in the mid-1.3500s on Tuesday. Cable’s vacillating price action follows humble gains in the Greenback at the time when investors assess latest US data releases and the persistent uncertainty in the US-Iran crisis.

EUR/USD hovers around 1.1600 post-US data

EUR/USD trades slightly on the defensive, gyrating around the 1.1600 level on turnaround Tuesday. The pair’s daily correction comes on the back of a decent bounce in the US Dollar despite both the US ISM Manufacturing PMI and JOLTs Job Openings missed estimates.

Gold trims losses; bears still look at $4,300

Gold extends Monday’s pessimism and slipped back to nearly three-week lows just above the $4,300 mark per troy ounce on Tuesday. The US Dollar’s rebound couple with rising US Treasury yields weigh on the precious metal despite tensions in the Middle East appear far from abated.

Crypto Today: Bitcoin, Ethereum, XRP struggle to extend gains despite ETF inflows

Bitcoin stalls while holding above $78,000 support as ETF inflows return. Ethereum takes a breather around $2,450 amid sustained institutional support. XRP remains pressured as the 200-day EMA provides immediate support.

Global bond market sell off haunts markets

Global sovereign bonds are selling off as we start a new month. The UK is, unsurprisingly, taking the biggest hit. Two and 10-year yields rose by 10 basis points at one point on Tuesday, and are currently higher by 7 and 8bps respectively.

Diesel’s record $100 warning: The oil shock hiding in plain sight

The Oil market may look calmer than it did a few months ago, but diesel is sending a very different message. The US diesel crack spread, the premium of ultra-low sulphur diesel futures over WTI, recently surged above $100 per barrel for the first time, reaching an intraday record of just over $102.00.