Gold, Silver And Forex Pairs - Euro To US Dollar & USD/CAD - Analysis By DayTradeIdeas - 11/07/2022

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 this week targeting 1720, 1700 & 1690/85.

Again gains are likely to be limited in the bear trend with minor resistance at 1748/55 & strong resistance at 1765/70. Shorts need stops above 1775.

Silver

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 key support at 1880/60 as we become oversold. Longs need stops below 1850. A break lower is a sell signal targeting 1810/00 then 1775/65.

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.

Forex - EUR/USD

EURUSD crashed through the triple bottom low at 1.0360/50 for a sell signal & fell another 300 pips to my targets of 1.0200, 1.0120/10,1.070/60 & 1.0030/20. A V shaped recovery saw the pair close slightly higher on the day. This signals sideways action at the start of this week, although gains are likely to be limited with first resistance at 1.0190/1.0210. Shorts need stops above 1.0230. A break higher targets 1.0265/80.

Shorts at resistance at 1.0190/1.0210 target 1.0150/40 before a retest of 1.0020/10, which is obvious psychological support, being parity with the dollar.

Forex - USD/CAD

USDCAD first support at 1.2960/50 just held again on Friday. 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.

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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