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

 

25 Mar, 2020

Gold _ Silver

Gold we wrote: We have rocketed from this level. Perhaps now the panic selling to cover margins in stock markets has abated, the focus will return to gold as a safe haven/inflation hedge. We are through strong resistance at 1510/12 & strong resistance at 1547/49 to the next target of 1573/78 as I write…bulls back in control after some base building at very strong longer term Fibonacci support at 1453/50. I think it is worth buying in to weakness or buying above resistance now. A break above minor resistance at 1573/78 targets 1583/84, 1591/93 & minor resistance at 1595/97 for some profit taking.

Pretty good? However we continued even higher reaching 1635. Silver follows Gold higher of course.

Reports will be updated at lunchtime GMT if necessary.

Today’s Analysis

Gold bulls back in control as predicted after some base building at very strong longer term Fibonacci support at 1453/50 & buying above resistance the right strategy. Holding above 1610/00 keeps the outlook positive as we look for a break above 162/35 to target 1645/48. Above 1650 look for 1655 & 1670, perhaps as far as 1680 this week.

First support at 1610/00 but below 1590 is less positive risking 1585/83 & 1578/75….but the downside is expected to be limited.

Silver through strong resistance at 1445/55 to 1470 as we look for 1500/10. Shorts are too risky in Gold & silver & if we continue higher look for 1535/40 then 1560/65.

Downside expected to be limited with first support at 1420/10 then 1380/70.

Trends

Weekly outlook is positive Daily outlook is neutral
Short Term outlook is positive

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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.