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 was expected to break higher eventually. On Monday we shot higher to the upper trend line of the flag at 1990/94 & we wrote: A break above here should be a buy signal & can target 2001/2003 then the March high at 2008/2009. A break above 2011 is a buy signal.

Well as soon as Gold broke above 1994 the price soared & we went straight to 2024. I hope you had your pending ”buy-stop to enter order” & caught the move (I did notify you in the Telegram group). Outlook remains positive for Gold & I do expected us to test the all time high at 2068-2072. In fact I think we will probably break above this area at some stage in the spring.

Obviously we have strong support at 2010/2007. Longs need stops below 2002.

Silver beat strong resistance at 2340/50 for a buy signal targeting 2 year downward sloping trend line resistance at 2420/30. Shorts were stopped above 2450. Gold certainly gave us an early warning that silver would break higher for an important longer term buy signal initially targeting 2510, 2580 & 2610.

If you missed buying Gold, you got a great chance to buy silver. A break above 2625 (probably next week) can target 2690/2700 & 2730/35. Worth holding those longs in Gold through April I believe.

Downside is expected to be limited of course, with first support at 2450/45.

WTI Crude (May) retested the Monday opening high at & resistance at the upper trend line of the bear flag which formed from December to March at 8160/80. A break above 8200 therefore is a buy signal (& I am sure will will break higher eventually – I was already bullish before the production cuts). We should shoot straight to resistance at 500 & 200 day moving averages at 8380/8430.

There’s obviously a huge gap down to 7600/7580 although now looking unlikely that we will close it. This week’s low is 7900, so a break below here is needed for a chance to close that gap. It would be such an excellent buying opportunity at 7600/7580, but it is such an obvious trade that I think we will probably bounce above this level – I can only guess….maybe around 7750/7700.

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

20230405