Gold: Downside is likely to be limited

Jason Sen DayTradeIdeas.co.uk

Gold – Silver

Gold Spot beats important resistance at 1787/90 & holds for a positive outlook despite overbought conditions, reaching the next target of 1812/14.

Silver Spot finally follows Gold higher as we beat resistance at the 1 month high at 1835/37 for a medium term buy signal targeting 1860/63 & 1882/85...almost there as I write over night.

Daily Analysis

Gold outlook remains positive as we reach 1812/14, with next targets of 1825/27 & 1835/37.

Downside is likely to be limited with the market apparently finding support at 1807/06 & the key buying opportunity at 1796/94. Longs need stops below 1790.

Silver medium term buy signal targets 1860/63, 1882/85 & perhaps as far as the 2020 high at 1892/94 before the weekend.

An obvious buying opportunity at 1842/39, with stops below 1835.

	Trading levels.	Target.
AUDUSD	strong support at 6910/00. Stop below 6880	6930, 6970
NZDUSD	Buy 6485/75. Stop below 6460	6525
NZDUSD	buying opportunity at 6430/20, with stops below 6400.	6470, 6520
USDJPY	selling opportunity at 108.35/45 stops above 108.65	108.10, 107.75
EURJPY	strong resistance at 121.90/122.10 & again at 122.70/80	121.60, 121.20
EURJPY	buying opportunity at 120.65/55, with stops below 120.40.	120.80, 121.10
Gold	Outlook remains positive on the break above 1800

Trends

Weekly outlook is positive.

Daily outlook is positive.

Short Term outlook is neutral.

Author

Jason Sen

DayTradeIdeas.co.uk

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