Gold & Silver Update & Chart – From Jason Sen – Day Trade Ideas

 

Gold Silver24 Jun, 2020

Gold Spot had a 1 day consolidation phase holding the bull market high seen in May at 1762/64 & first support at 1744/42 perfectly. We wrote: we are not severely overbought & this is a strong bull trend. So shorts may actually be risky. A sustained break above 1768 must be seen as the next buy signal after the 2 month consolidation phase (very common in a bull markets)…

Buy signal confirmed as we hit the first breakout target of 1773. Outlook remains positive.

Silver Spot bottomed 3 ticks above best support at 1760/50 & higher also of course, through 1760/50 to re-target 1780 & 1800/10. We topped exactly here over night but outlook remains positive.

Today’s Analysis

Gold beat the bull market high seen in May at 1762/64 for the next buy signal after the 2 month consolidation phase (very common in a bull markets) targeting 1773, minor resistance at 1778/80 & perhaps as far as 1789/91 this week.

Best support at 1764/62 of course. Longs need stops below 1758. A unexpected break lower risks a retest of strong support at 1744/42. Longs need stops below 1738.

Silver bulls also back in control as we hit all targets as far as 1800/10 before the 2 week high at 1825/28, which should be seen before the weekend. A break higher tests the June high at 1836.

Buying opportunity at 1765/55, with stops below 1745. An unexpected break lower targets 1725/20.

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.