Technical analysis and signals for Gold [Video]

Jason Sen DayTradeIdeas.co.uk

Gold collapsed again yesterday exactly as expected after we tested minor resistance at 4215/17 & reversed form 4221.

Well done if you caught the short trade as we hit my targets of 4160, 4130/20 and the March low at 4099/4097.

A huge potential profit of up to 1015 ticks.

In my members Telegram group we also had the chance to sell at 4180/4185 after the CPI number.

I did not expect the March low at 4099/4097 to act as support so it was no surprise to see further losses & we collapsed as far as 4022 overnight.

Again today gains are likely to be limited despite severely overbought conditions.

I will be looking for indications that the market will turn around and recover but I definitely don't see that at the moment.

For now we have resistance at 4100/4110 & shorts need stops above 4120.

If we break higher, look for resistance at 4150/4155 & shorts need stops above 4165.

I don't expect the overnight low at 4022 to act as support for long.

If we break lower, look for 4005/4000, 3985/80, 3974/72 and even 3965/60 is possible.

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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