Gold Spot remains in a volatile sideways trend

Jason Sen DayTradeIdeas.co.uk

Gold Spot remains in a volatile sideways trend as expected. We cannot hold positions for long as prices chop up & down quite violently. Shorts at 1728/30 unfortunately stopped above 1733 before we reversed from 1737/39 to 1718/16. We had 2 buying opportunities here for a bounce to 1725/26, so a profitable day in the end.

Silver Spot sideways as expected & outlook remains neutral/negative in the trend. Again our shorts at strong resistance at 1750/60 worked perfectly on the slide to first support at 1727/25. We bottomed exactly here.

Daily Analysis

Gold we can try scalping minor resistance at 1728/30 again today, looking for a profit at 1723/22 & at 1718/16. A good chance of a bounce from here again today but stop below 1713. A break lower (if you can quickly switch in to a short on a bounce to 1716/18) targets 1707/05, perhaps as far as 1700/1698.

Shorts at 1728/30 stop above 1733. A break higher targets 1737/39 perhaps as far as strong resistance at the 2 week high of 1742/44. A break higher targets 1750/52.

Silver holding strong resistance at 1750/60 re-targets 1740 & minor support at 1727/25 for some profit taking on shorts. A break lower targets 1705/00 then a buying opportunity at 1685/75 with stops below 1860.

Shorts at 1750/60 need stops above 1770. A break higher targets 1800/10 before last week's high at 1825/28.

Trends

Weekly outlook is positive.

Daily outlook is neutral.

Short Term outlook is neutral.

Author

Jason Sen

DayTradeIdeas.co.uk

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