Silver shorts worked perfectly from below 1510

Jason Sen DayTradeIdeas.co.uk

Gold & Silver Spot

Gold break below 1200 was our sell signal targeting 1190, 1188/87, 1180, 1172/71, 1166/65 & all have been hit. This more than makes up for the losses on the failed long positions above 1200. We bottomed over night at 1160 & have seen a strong recovery. This looks like a short term capitulation as longs panic. If we can hold above 1171/70 we can see a further recovery to resistance at 1177/78. Bulls then need a break above 1181 to target 1184/85 & strong resistance at 1188/90. Try shorts with stops above 1195.
A break below 1157/56 targets 1150/49 & 1145.

Silver shorts worked perfectly from below 1510 with a 75 point profit as we hit 1430. We have stablised & while there is no buy signal we are of course severely oversold. The bounce is likely to target 1457/59 but expect resistance at 1475/77. Watch for a high for the day.However above 1480 allows a recovery to towards 1490/91 before a selling opportunity at 1500/04. Try shorts with stops above 1512.

Author

Jason Sen

DayTradeIdeas.co.uk

EUR/USD: US Dollar to remain pressured until uncertainty fog dissipates

Unimpressive European Central Bank left monetary policy unchanged for the fifth consecutive meeting. The United States first-tier employment and inflation data is scheduled for the second week of February. EUR/USD battles to remain afloat above 1.1800, sellers moving to the sidelines.

GBP/USD reclaims 1.3600 and above

GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.

Gold: Volatility persists in commodity space

After losing more than 8% to end the previous week, Gold remained under heavy selling pressure on Monday and dropped toward $4,400. Although XAU/USD staged a decisive rebound afterward, it failed to stabilize above $5,000. The US economic calendar will feature Nonfarm Payrolls and Consumer Price Index data for January, which could influence the market pricing of the Federal Reserve’s policy outlook and impact Gold’s performance.

Week ahead: US NFP and CPI data to shake Fed cut bets, Japan election looms

US NFP and CPI data awaited after Warsh’s nomination as Fed chief. Yen traders lock gaze on Sunday’s snap election. UK and Eurozone Q4 GDP data also on the agenda. China CPI and PPI could reveal more weakness in domestic demand.

Three scenarios for Japanese Yen ahead of snap election

The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans.

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.