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 missed my buy level of 1915/10 by just a point yesterday as we continue higher in the bull trend.
Silver unable to follow Gold higher as we remain in an erratic sideways trend & holding below strong resistance at 2380/2400.
WTI Crude April shorts at the upper end of the 2 month range at 8260/8300 worked perfectly with a high for the day exactly here & a slide to first support at 8060/40 for a quick & easy 200 ticks profit on the day.
Update daily by 05:00 GMT.
Gold hit my next target of 1939 & headed towards 1946/49 as predicted. Holding longs & buying at support working perfectly so far this week as expected. Above 1950 look for 1958/59.
We should have good support at 1920/15 today. Longs need stops below 1910. Just be aware that we are severely overbought so I will watch carefully for a sell signal.
Silver held 8 ticks above strong support at 2310/00 & just 4 ticks below strong resistance at 2380/2400, so we can try to trade these levels today. Shorts need stops above 2420.
Silver bulls obviously need a break above the 2455 double top high for a buy signal & a chance to catch up with the gold rally.
Just be aware that a close below 2290 on any day this week is a sell signal targeting 2255 & strong support at 2220/00.
WTI Crude February choppy & erratic as we test first support at 8060/40 for a 200 ticks scalping profit. Longs need stops below 8000. A break lower today targets 7920/7880 (if you can stop & reverse in to a short). Longs need stops below 7850.
First resistance at the upper end of the 2 month range at 8260/8300 again today of course. A break above 8320 can target 8420/30 & 8470/90.
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Jason Sen, Director