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 broke through resistance at 1878/88 & has cleared 1895 for a buy signal targeting 1905 & 1915, perhaps as far as 1925.

A nice move last week at the end of the week as we beat 1895 reaching 1921/22 on Friday.

Silver in a consolidation after 3 months of gains as we wait for a clear breakout.

WTI Crude February collapsed in the first week of January & then recovered almost all of the losses last week. 

We could be forming an inverse head & shoulders with neck line at 8100. So a break above here is a buy signal.

Update daily by 05:00 GMT.

Today’s Analysis.

Gold buy signal has been triggered targeting 1905 & 1915 & 1925. Next targets for this week are 1935 & 1939. 

First support at 1910/05. Longs need stops below 1902. A break lower can target 1893/90. 

Silver is stuck in a range from 2350 up to 2455 for 4 weeks. First support at 2380/60 could hold the downside. Better support at 2330/20.

Holding above 2380 can target 2410, perhaps as far as 2430/40. Minor resistance at last week’s high of 2450/55 so a break above 2460 should be a buy signal this week.

WTI Crude February beat strong resistance at 7550/7600 to target 7800/20 & even 7900/30 yesterday as expected. Further gains look likely on Monday & meet resistance at the upper trend line of the 6 week range at 8090/8100. A break above 8130 meets stronger resistance at 8180/8210. A high for the day possible but shorts need stops above 8280.  A break above here is an important buy signal & indicates the longer term bull trend has resumed. Downside is likely to be limited for Monday. Minor support at 7940/20. Better support at 7840/10.

Please email me if you need this report updated or Whatsapp: +66971910019 – To subscribe to this report please visit daytradeideas.co.uk or email jason@daytradeideas.co.uk

Jason Sen, Director

https://www.daytradeideas.co.uk

20230116