Fibonacci Resistance – Daily Technical Analysis
In this trading analysis article Jason Sen of Day Trade Ideas provides analysis to the Traders Summit community. He specifically discussed Gold and the Fibonacci resistance from September. Make sure to Subscribe and hit the bell notification on the Traders Summit Youtube Channel as Jason Sen will be joining Blake Morrow shortly for an exclusive Traders Interview.
Today’s Analysis for October 1st 2021
Gold, Silver, WTI Crude
Gold Spot unexpectedly rocketed 25 points.
Silver Spot broke best support at 2225/15 for a sell signal initially targeting 2165. Outlook remains negative.
WTI Crude November longs at buying opportunity at 7330/10 were the perfect trade with a low for the day here & a near 300 point recovery.
Update daily at 06:30 GMT
Today’s Analysis
Gold unexpectedly shot higher to 1762/64. This is the 38.2& Fibonacci resistance from the move down through September. If this holds we remains in a short term bear trend. Shorts need stops above 1768. A break higher targets 1775/77.
Holding resistance at 1762/64 targets 1749/47 then 1740/38. Further losses eventually are likely, targeting 1735 & 1728.
Silver beat first resistance at 2180/2200 but we meet a selling opportunity at 2240/50, stop above 2260.
Sooner rather than later we should turn lower again targeting 2185/80, 2165 & 2145/40, eventually as far as 2100/2090.
WTI Crude may enter a sideways trend to ease overbought conditions. Still a little concerned about the potential double top. Longs at 7330/10 offered up to 300 ticks profit. The only resistance of any importance is at 2021 high at 7690/99. A sustained break above 7720 therefore should be a buy signal targeting 7745/55 & 7785/95.
Minor support at 7460/40. There is a buying opportunity again at 7330/10 with stops below 7270. A break lower targets 7220/20.
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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
https://www.daytradeideas.co.uk
20211001
