Trade ideas for Gold, Silver and Forex

Jason Sen DayTradeIdeas.co.uk

XAUUSD held a $12 range as we consolidate after recent deep losses. Although we dipped below 1987 we only reached 1984. I feel comfortable trading in the direction of the 2 week bear trend, with minor resistance at 1995/97 & again at 2003/2005. I doubt we can recover any higher than this but if we unexpectedly reach strong resistance at 2010/2014 this should be an excellent sell opportunity with stop above 2017.

Eventually we should continue lower towards 1981/80 & 1974/72. Further losses are possible eventually as far as 1967/65.

XAGUSD shorts at resistance at 2270/90 worked perfectly as prices collapsed from 2293 hitting my targets of 2235 & 2215. A break below 2185 is today's sell signal targeting 2160, 2140 & perhaps as far as 2110/2100.

Very strong resistance at 2265/85 & shorts need stops above 2305.

WTI Crude March future shorts at strong resistance at 7790/7840 worked perfectly as we collapsed from 7877 to my targets of 7730 & 7700/7680. The break below 7660 signals further losses towards 7590/70 today & perhaps as far as 7520/00.

Note the bearish engulfing candle which acts as a bull trap adding pressure to the downside for today's session.

On an unexpected retest of strong resistance at 7790/7840, shorts need stops above 7900.

A break above 7900 is a buy signal for today with a break above the January high of 7929 triggering further gains to 7960/80 & as far as 8000/8020. In fact a move as far as 8090/8110 is not out of the question.

Author

Jason Sen

DayTradeIdeas.co.uk

EUR/USD deflates to fresh lows, targets 1.1600

The selling pressure on EUR/USD now gathers extra pace, prompting the pair to hit fresh multi-week lows in the 1.1625-1.1620 band on Friday. The continuation of the downward bias comes in response to further gains in the US Dollar as market participants continue to assess the mixed release of US Nonfarm Payrolls in December.

GBP/USD breaks below 1.3400, challenges the 200-day SMA

GBP/USD remains under heavy fire and retreats for the fourth consecutive day on Friday. Indeed, Cable suffers the strong performance of the Greenback, intensified post-mixed NFP, and trades at shouting distance from its critical 200-day SMA near 1.3380.

Gold flirts with yearly tops around $4,500

Gold keeps its positive bias on Friday, adding to Thursday’s advance and challenging yearly highs in the $4,500 region per troy ounce. The risk-off sentiment favours the yellow metal despite the firmer tone in the Greenback and rising US Treasury yields.