Gold & silver outlook remains positive despite severely overbought conditions. This week’s target is $2370/74.

Gold XAUUSD: made a low for the day exactly at my buy level of support at 2310/00 just after the open at around 2am UK time.

 If you managed to catch this opportunity it was yet another perfect buying opportunity as we immediately shot higher to 2341.
Clearly Gold remains in a strong bull trend with significant gains again on Monday as expected. We wrote: On a break above 2332 today we target 2343/46 & 2359/62.

If you bought the break above 2332, we got to within 2 points of 2343/46.

Above here today look for a test of the all time high at 2352/54. Above the all time high targets 2359/62. Even 2370/74 is possible this week.

 Support could be higher today at 2326/22 & longs need stops below 2317. On a break lower look for a buying opportunity at 2308/03 & longs need stops below 2299.

Silver XAGUSD made a low for the day exactly at support at 2690/2675 & longs worked perfectly on the very quick bounce to 2800.

First support at 2724/19 today & longs need stops below 2700. Targets are 2755, 2785, 2805.

A break lower however risks a slide to support at 2670/60. Longs need stops below 2640. Targets: 2710, 2760, 2790.

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With almost 40 years experience, Jason Sen began trading his own account on the floor of the London International Financial Futures Exchange (LIFFE) at the age of 19, in 1987. He spent 15 years specialising in market making interest rate and index options on floor then moved on to trading forex on screen at the turn of the millennium. He is also recognised as a skilled technical analyst developing this expertise for the last 20 years.

His extensive trading experience from the LIFFE trading floor to screen trading and deep understanding of technical analysis give him a thorough understanding of the financial markets and the factors that drive them.

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