Gold, Silver And Forex Pairs: EUR/CAD, EUR/USD And USD/CAD In Eyes Of Jason Sen

Gold collapsed from resistance at 1811/15 targeting 1802/00, 1786/83, 1763/60, 1755/53 & 1745. We fell as far as 1732. Further losses are expected targeting 1720, 1700 & 1690/85.

Again gains are likely to be limited in the bear trend with minor resistance at yesterday's high of 1748/50 & strong resistance at 1765/70. Shorts need stops above 1775.

Silver broke key support at 2050/45 for an important sell signal with steep losses as predicted to 2000, 1950/45, 1900 & almost as far as 1880/60 as we become oversold. This is key support for today. A weekly close below 1850 is the next sell signal.

Holding key support at 1880/60 (try longs if you feel brave in the bear trend) targets 1935/40, perhaps as far as 1960/65 for profit taking.

EUR/CAD

EURCAD broke support at 1.3395/85 for a sell signal & bounced to 1.3390 on Wednesday giving us a perfect chance to enter shorts (if you had not already) before we reached 1.3175 yesterday.

An easy 200 pip profit so far, but outlook remains negative.

EUR/USD

EURUSD crashed through the triple bottom for a sell signal this week & fell another 200 pips to my targets of 1.0200 & 1.0170/60, perhaps as far as 1.0120/10 today. On further losses look for 1.070/60 & 1.0030/20.

Gains are likely to be limited with minor resistance at 1.0240/60 & strong resistance at 1.0330/50.

USD/CAD

USDCAD first support at 1.2960/50. Longs need stops below 1.2920. A break lower is a sell signal targeting 1.2880/60 then 1.2830/20.

1 year trend line resistance at the June high of 1.3060/80. Shorts need stops above 1.3100. A BREAK HIGHER IS AN IMPORTANT BUY SIGNAL. A 200 pip plus move could follow.

Jason Sen

Jason Sen began his career in the options pits on the trading floor of LIFFE in 1987 at the age of 19, making markets on his own account. In 2001 when the trading floor closed he successfully made the transition to day trading on computer screens. Jason used technical analysis throughout his trading career and formed Daytrdeideas.co.uk which established itself as the leading provider of daily technical analysis to independent and professional traders within the investment bank community. He advises dozens of traders at up to 15 major investment banks and hedge funds on market movement throughout each trading day on The Bloomberg Professional® service. Jason Sen also provides trade ideas with entry, exit and target levels on Telegram & in daily reports to retail traders. daytradeideas.co.uk