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 made a low for the day exactly at the only support for this week at 1830/25 – another great call in Gold! Longs worked perfectly on the bounce to minor resistance at 1838/42, reversing from 1845.
Silver made a high for the day at resistance at 2180/85, with shorts offered 45 easy points profit.
Perfect again as silver hits my target for our shorts at 2135/30, with a low for the day exactly here.
WTI Crude MAY holding a range from 7300/7270 up to 8320/50.
Update daily by 05:00 GMT.
Gold made low for the day exactly at the only support for this week at 1830/25 as predicted! We are retesting this level as I write over night to try a long again at 1830/25 with stop below 1820. Just be aware that a weekly close below 1825 means we could fall as far as 1790/80 early next week (or today!).
Longs at 1830/25 can re-target minor resistance at 1838/42. Too risky to try shorts here I think (although it would have worked yesterday in fact) as we would have a double bottom buy signal if we hold the support at 1830/25 today. A break above 1842 can target 1850, perhaps as far as a sell opportunity at 1858/62. Shorts need stops above 1866.
Silver shorts at resistance at 2180/85 worked perfectly with a high for the day exactly here before a retest of my target of 2135/30 for a 45 tick profit. Same levels apply for today. A break below 2125 today can target the 200 day moving average at 2100/2095.
Gains are likely to be limited in the bear trend with minor resistance at 2180/85. Above 2190 however can target strong resistance at 2210/15. Shorts need stops above 2225.
WTI Crude May – first resistance at 7900/7950. Shorts need stops above 8000. A break higher can target the February high at 8060/90. Above 8100 look for 8250/8290.
Shorts at 7900/7950 can target 7800/7750. If we continue lower look for 7600/7550.
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Jason Sen, Director