Gold keeps hitting new all time highs as we approach $3,000

Jason Sen DayTradeIdeas.co.uk

Gold

Gold clearly remains in a longer term bull trend so I will continue to buy dips & breaks above resistance or previous highs.
We beat minor resistance at 2888/2892.
The break above 2893 was a buy signal for this week targeting 2899/2901, then 2906/08.
These targets were hit for a potential profit of up to 130-150 ticks, with a high for the day at 2911.
Over night Gold has shot higher again to 2942.
We could struggle at 2942/46. I am not suggesting a short in such a strong bull trend but a pull back from here could offer a buying opportunity at 2926/22. longs need stops below 2917.
Further losses meet a buying opportunity at 2910/07 & longs need stops below 2902.
A break above 2946 is a buy signal targeting 2953/55 & 2964/68 for profit taking.

Silver

Silver made a low for the day exactly at support at 3180/60 & longs worked perfectly as we shot higher to 2333.
Support at 3180/60 again today & longs need stops below 3150.
A break below 3150 sees 3160/80 act as resistance - try a short if we bounce to retest this level - stop above 3190. Target is: 3120.
A buying opportunity at 3120/10 & longs need stops below 3095. Targets: 3140, 3165
A break above 3235 can retest last week's high at 3256/64. A break above 3270 can target 3295/3405 for profit taking on longs.

Author

Jason Sen

DayTradeIdeas.co.uk

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