Silver is not oversold on the daily chart

Jason Sen DayTradeIdeas.co.uk

Gold & Silver Spot

Gold bounce from 1205/04 took prices back to 1220 in the first show of strength for a month. I am taking this as a buy signal to try longs with stops below 1200. Holding above 1212/10 today targets 1217/19. A break above here is a short term buy signal targeting resistance at 1227/29. We should struggle here initially but shorts are looking too risky now. I think we have a trend change. Above 1230 targets 1234/35 & strong resistance at 1242/43. A break below 1200 kills the bull signal & risks a slide to 1195/94, 1190 & 1188/87.

Silver is not oversold on the daily chart but bulls are trying to hold prices above 10 year trend line support at 1550/40. Holding here sees bulls taking control to target 1565. Above here is another positive signal targeting 1580 & first resistance at 1595/99. Above 1600 look for 1625/29. It is worth trying longs with stops below the 1516/13 July low. A break below here is an important sell signal.

Author

Jason Sen

DayTradeIdeas.co.uk

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