Gold likely to target 2,335 and 2,328/25 today [Video]

Jason Sen DayTradeIdeas.co.uk

Gold analysis and trade ideas

Gold volatility has dropped significantly as we are in a sideways consolidation after last week's bearish engulfing candle on the weekly chart. I warned that this would happen, but it takes a couple of weeks before we can try to identify the consolidation pattern.

Is it a triangle, channel, pennant, flag etc?

In the meantime I will do my best to guess the likely high & low for the day to try to find trade opportunities where we can risk 5 points in the hope of making 10.

Unfortunately I cannot make the market move, so this is the best we can do in these conditions.

Yesterday we held below 2335 in the morning to hit my target of 2328/25, with a low for the day at 2323.

We then shot higher & made a high for the day exactly at resistance at 2350/55, so watch this level again this morning & shorts need stops above 2360. Target is 2340 & 2335.

I would try a short again at 2375/80 (if we reach that far today)- stop above 2385.

Targets: 2365, 2355

A break higher however can be taken as a short term buy signal targeting 2407/10.

A move below 2335 can retarget 2328/25.

Author

Jason Sen

DayTradeIdeas.co.uk

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