Gold remains held in a four month channel

Jason Sen DayTradeIdeas.co.uk

Gold

Gold longs at first support at 2435/32 worked perfectly with a low for the day at 2430 we shot higher to the 2455 target with a high for the day halfway to my next target of 2470/75 as we wait for important US non farm payroll & average earnings data today.

We are still stuck in a 4 month sideways channel which makes trade identification difficult. A break above 2475 retests the all time high & 4 month trend line resistance at 2483/87 as we become overbought.

Bulls need a significantly higher than expected unemployment number to push Gold through here.

First support at 2438/35 could see a low for the morning before the big data, but longs need stops below 2330.

A break below here can target 2320. If we continue lower, look for a test of support at 2408/04 & longs need stops below 2399.

Author

Jason Sen

DayTradeIdeas.co.uk

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