The Nonfarm Payroll number will move Gold and Silver today [Video]

Jason Sen DayTradeIdeas.co.uk

Gold hit my target and made a high for the week exactly at strong resistance at 4290/4305, reversing from 4302.

I projected that we could fall as far as first support at 4240/4230.

Longs worked perfectly with a bounce from 4230 to 4275 on the 1st bounce, and an afternoon retest saw a bounce from 4223 to an over night high at 4261 (as I write).

Again today, longs need stops below 4220.

Of course the direction of Gold & silver today will be determined by the US Non Farm Payroll release.

A break lower targets support at 4195, perhaps as far as strong support at 4170/4160.

Longs need stops below 4145. Just be aware that a break lower can target 4130/4120.

A retest of strong resistance at 4290/4305 gives us another sell opportunity but shorts need stops above 4315.

A break higher is another buy signal for today & we could see further quick gains towards strong 5 month trend line resistance at 4355/4360.

Shorts need stops above 4375.

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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