Gold & Silver Spot – Recap & Daily Forecast with Chart from Jason Sen – Day Trade Ideas

 

05 Dec, 2019 Gold & Silver Spot

Gold _ Silver

Gold we wrote: Expect strong resistance at 1485/86.
We topped a point below here & bottomed exactly at first support at 1472/71.

Silver unfortunately topped just a little below our selling opportunity at 1737/39.

Today’s Analysis 05 Dec, 2019

Gold minor resistance at 1476/77. Expect strong resistance at 1486/88 & again at 1493/94. A break higher is a medium term buy signal.

We bottomed exactly at first support at 1472/71. On further losses look for good support at 1466/64. Longs need stops below 1462.

Silver unexpectedly reversed & lost all the gains breaking back below 1698/96 to remain in a sideways trend. Strong support at the November low of 1667/62. Longs need stops below 1650 for another buying opportunity at 1630/20.

Quite strong resistance at 1697/02 but a break above targets 1710, 1720 & selling opportunity at 1730/40 with stops above 1755. A break higher is a buy signal

Trends

Weekly outlook is negative Daily outlook is neutral Short Term outlook is neutral.

 

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About the author

JASON SEN Began to study technical analysis in 2006 and established Daytradeideas, the leading provider of daily technical analysis to independent & professional traders within the investment bank community for Stock Index, Energy & Fixed Income products, advising 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 with trade ideas – entry, exit and target levels in daily reports published before the Futures markets open in Europe.