Technical Analysis – DayTradeIdeas
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 reached the resistance at 1878/88 with a high for the week exactly here. There is no sell signal yet but obviously today’s direction will be driven by the US CPI number, with 6.4% expected. The levels for today are very clear on the 4 hour chart.
Silver in a 1 month erratic sideways trend. This is probably a consolidation after 3 months of gains, but I must wait for a clear breakout.
WTI Crude February in a 7 month bear trend but may be establishing a short term sideways consolidation. So far we are holding a range from $73 up to $81.
Gold again made a high for the day exactly at resistance at 1878/88. Bulls need to clear 1895 for a buy signal targeting 1905 & 1915, perhaps as far as 1925.
Very minor support at 1872/70 this morning then better support at 1863/60. A break below 1857 however risks a slide to 1855 & strong support at 1849/45. Longs need stops below 1840.
Silver is stuck in a range from 255 up to 2455 for 4 weeks. Today we meet a buying opportunity at 2305/2295. Longs need stops below 2280. Targets are 2330 & 2360.
Minor resistance at 2360/70 but above 2380 can target 2410, perhaps as far as 2430/40. Minor resistance at this week’s high of 2450/55 so a break above 2460 should be a buy signal.
WTI Crude February beat strong resistance at 7550/7600 at the end of the day to target 7800/20 & even 7900/30 is possible. Further gains meet resistance at the upper trend line of the 6 week range at 8100. Minor support at 7600/7580 but below 7540 can target 7470/50, perhaps as far as 7400.
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Jason Sen, Director