Gold: There is key resistance at 2,644/2,648

Jason Sen DayTradeIdeas.co.uk

XAU/USD

Gold headed higher as predicted after Monday's buy signal as we approach my 3rd target of 2643 this morning.

Yesterday I wrote in my update at 15:15 UK time:
Gold has some support at 2625/22 so it may bounce from here.
This proved to be the exact low of the small correction & if you bought here you are already looking at a $20 profit.

There is key resistance at 2644/2648. If you have been long from our buy signal on the break above 2603 it's time to take the profit & wait to see the reaction at the resistance.

I never trade against the trend but if you want to short here, stop above 2650.

A break above 2650 is a buy signal targeting 2661/64.

Support again at 2625/22 & longs need stops below 2618.

XAG/USD

Silver break above 3090 was a buy signal for this week but we have stalled just below the next target of 3160/65.

It looks like we could reach 3190 on a break above 3170.

As I wrote in my update yesterday at 15:15 UK time:
Silver support at 3090/3080 & longs need stops below 3060.

Author

Jason Sen

DayTradeIdeas.co.uk

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