Silver is unable to follow Gold higher

Jason Sen DayTradeIdeas.co.uk

Gold missed my buy level of 1915/10 by just a point yesterday as we continue higher in the bull trend.

Silver unable to follow Gold higher as we remain in an erratic sideways trend & holding below strong resistance at 2380/2400.

WTI Crude April shorts at the upper end of the 2 month range at 8260/8300 worked perfectly with a high for the day exactly here & a slide to first support at 8060/40 for a quick & easy 200 ticks profit on the day.

Daily analysis

Gold hit my next target of 1939 & headed towards 1946/49 as predicted. Holding longs & buying at support working perfectly so far this week as expected. Above 1950 look for 1958/59.

We should have good support at 1920/15 today. Longs need stops below 1910. Just be aware that we are severely overbought so I will watch carefully for a sell signal.

Silver held 8 ticks above strong support at 2310/00 & just 4 ticks below strong resistance at 2380/2400, so we can try to trade these levels today. Shorts need stops above 2420.

Silver bulls obviously need a break above the 2455 double top high for a buy signal & a chance to catch up with the gold rally.

Just be aware that a close below 2290 on any day this week is a sell signal targeting 2255 & strong support at 2220/00.

WTI Crude February choppy & erratic as we test first support at 8060/40 for a 200 ticks scalping profit. Longs need stops below 8000. A break lower today targets 7920/7880 (if you can stop & reverse in to a short). Longs need stops below 7850.

First resistance at the upper end of the 2 month range at 8260/8300 again today of course. A break above 8320 can target 8420/30 & 8470/90.

Author

Jason Sen

DayTradeIdeas.co.uk

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