FX, Gold and Stock Market Technical Analysis
Daily Technical Analysis is provided by Jason Sen of Day Trade Ideas, who has been day trading since the late 1980’s. Jason has been a contributor of Traders Summit since the beginning. He primarily focuses on providing technical analysis of the financial markets, including stock chart patterns, Forex and Metals setups, and other useful technical analysis.
Gold Spot unable to beat strong resistance at 1868/72 with a low for the day exactly at first support at 1843/41. Same levels apply for today.
Silver low for the day at minor support at 2460/55, followed by a run to minor resistance at 2500/10.
Gold first support at 1843/41. Again longs need stops below 1839 with the best support for today at 1834/32. Longs need stops below 1826.
Strong resistance at 1868/72. A weekly close above here would be a buy signal for the start of next week. Shorts need stops above 1877. A break higher is a buy signal targeting 1885, 1895, 1900/03 & probably as far as 1914/16 in to next week.
Silver holding above 2500/10 is a buy signal for today but we need to close this week above the 200 day moving average at 2535 for a buy signal at the start of next week targeting 2560/80.
Minor support at 2475/70, strong support at 2440/30. Longs need stops below 2410.
Dax 40 December no sell signal despite overbought conditions on the daily chart but clearly bulls are struggling.
EuroStoxx 50 December probably just completed the formation of a bull flag for the next buy signal.
FTSE 100 December higher at last for VERY frustrated bulls. We wrote: A break higher eventually targets 7335/40 then 7370/80 in to next week.
All targets hit & outlook remains positive.
Update daily at 07:00 GMT
Dax edging above 16070/090 to 16120 this morning but we are likely to continue higher as far as 16350/390 (eventually).
The downside is likely to be limited with minor support at 15990/970. Better support should be at 15920/900. Stop below 15870.
EuroStoxx move above 4340 completes what is probably a bull flag as we hit the next target of 4362/67. Above 4370 targets 4395/99. Eventually we can reach as far as 4450/55.
Support at 4325/15. Longs need stops below 4305. Strong support at 4275/65. Longs need stops below 4255.
FTSE hits targets 7335/40 & 7370/80. Outlook remains positive as we look for 7425/35, eventually as far as 7480/90.
First support at 7320/10. Longs need stops below 7290.
EURUSD shorts at first resistance at 1.1600/10 worked hitting first support at 1.1530/20. The break below here was a sell signal initially targeting 1.1430/20, which is being hit this morning as I write. Some big profits this week in the pair.
USDCAD through 1.2510/30 for a buy signal targeting 1.2590, which has been hit this morning. Outlook remains positive.
Update daily at 06:30 GMT
EURUSD outlook negative & hopefully you are back in to shorts on the break lower, as we target 1.1430/20 then 1.1380/70, probably as far as 1.1350/40.
Gains are likely to be limited with resistance at 1.1510/30 on any bounce. Try shorts with stops above 1.1550.
USDCAD hit the target of 1.2590 & outlook remains positive. Above 1.2600 look for 1.2645/55 today.
First support at 1.2480/70 with the best buying opportunity at 1.2435/25. Stop below 1.2410.
Emini S&P December unfortunately missed the buying opportunity at 4615/05 by 10 points.
Nasdaq December longs at the buying opportunity at 15970/920 starting to work.
Emini Dow Jones December seeing a drift lower breaking first support at 36100/35950 with best support at 35700/650 if we continue lower.
Update daily at 07:00 GMT.
Emini S&P first support at 4650/40 but the best buying opportunity is at 4615/05. Longs need stops below 4595. A break lower is a sell signal targeting 4575 then a buying opportunity at 4550/40 with stops below 4530.
Holding above 4650 targets 4670/75. Above 4680 targets 4695 with the only resistance at 4710/15. You would have to brave or crazy to sell short in this endless bull market! A break above 4720 targets 4735/40 then 4760.
Nasdaq December longs at my buying opportunity at 15970/920 initially target 16110/130 (guess what, this was yesterday’s high), perhaps as far as 16255/275 today. A high for the day is possible but shorts are too risky. If we continue higher look for 16380/390 before the all time high at 16430/448.
Longs at 15970/920 need stops below 15890. A break lower is a sell signal targeting 15780 then a buying opportunity at 15680/640 with stops below 15590.
Emini Dow Jones December reversed from resistance at 36410/440 as expected & now could test best support at 35700/650. Longs need stops below 35550.
Longs at support at 35700/650 target 35850 & 35990. We then look for 36100/35950 & 36300/330 before resistance at 36410/440. If we continue higher look for 36490/500 & 36750/800.
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No representation or warranty is made as to the accuracy or completeness of this information and opinions expressed may be subject to change without notice. Estimates and projections set forth herein are based on assumptions that may not be correct or otherwise realised. All reports and information are designed for information purposes only and neither the information contained herein nor any opinion expressed is deemed to constitute an offer or invitation to make an offer, to buy or sell any security or any option, futures or other related derivatives.
Jason Sen, Director