Will Price Of Gold Per Gram Plunge!? Where Are Support And Resistance Considered By DayTradeIdeas?

Gold hit all downside targets as far as 1890 with a low for the day exactly here. If we continue lower look for the best support for this week at 1879/75. Longs need stops below 1870. A break lower is an important medium term sell signal.

Price Of Gold (XAUUSD)

There is minor support at 1890 & although I think longs are very risky here, a bounce is possible to 1905/07, perhaps as far as first resistance at 1914/17. Shorts need stops above 1921. A break higher meets a sell opportunity at 1930/33. Shorts need stops above 1938.

Shorts at first resistance at 2380/90 stop above 2410.

Silver holding what is first resistance at 2380/90 is a sell signal targeting 2340/35 & minor trend line support at 2300/2295. A low for the day is certainly possible today. Longs need stops below 2290. A break lower is another important sell signal with a 100 tick drop possible.

USD/JPY - US Dollar To Japanese Yen

USDJPY running out of steam in severely overbought conditions as predicted but there is no sell signal yet so I cannot suggest shorts. First support again at 127.80/70. Expect strong support at 127.10/126.90. Longs need stops below 126.70. A break lower can target 126.00, perhaps as far as a buy opportunity at 125.70/50. Longs need stops below 125.20.

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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