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 rocketed from 1827.50 up to 1870 in a straight line. I would guess as a safe haven as the second biggest bank collapse occurred.
Silver followed Gold higher but pulled back at the close to halve the gains in the day.
WTI Crude MAY is stuck in a 4 month sideways triangle. This makes day trading levels difficult.
Update daily by 05:00 GMT.
Gold shot higher through resistance at 1840/45 & even last week’s high at 1858/59 to reach 1870. A $59 gain in 2 days, leaving a huge shooting star on the weekly chart after last week’s bullish engulfing candle. If these candlesticks play out as expected, we should see further gains this week.
Holding support at 1863/60 & a break above last week’s high at 1870 can target 1878/80. A break above 1883 targets 1890.
A break below 1858 however risks a slide to 1848/46. We should meet strong support at 1840/35. Longs need stops below 1830.
Silver holding above minor support at 2050/40 can target strong resistance at 2095/2105. Shorts need stops above 2125. A break higher is an important buy signal for this week targeting 2160/70 & 2190/99.
Longs at 2050/40 need a stop below 2030.
WTI Crude (May) ranges from 7350/7300 up to 8200. We should have some support at the 2 week low at 7500/7475.
We should have resistance at the 2 day high at 7775/7800 & again at the upper end of the 6 week range at 8050/8090. I really cannot do better than that at this stage. The market is erratic, random & volatile but not actually going anywhere week to week.
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Jason Sen, Director