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 remains in a 5 month bull trend & so buying at support levels is a working strategy. Yesterday we held 2 points above minor support at 2010/07 keeping bulls in control for my next targets of 2030/31 & & 2047/50. A HIGH FOR THE DAY EXACTLY HERE IN FACT.
Just be aware that Gold is severely overbought & testing an upward sloping 4 week trend line 2050/53. So this is minor resistance for today. A downside correction is always possible to ease overbought conditions but shorts are very risky in the strong bull trend.
Further gains can retest the all time high at 2069/72.
Today’s first support at 2032/2029. Longs need stops below 2024. Very strong support at 2008/2003. Longs need stops below 2000.
Silver as been in a strong bull trend for 5 weeks with the break above 2525 (as predicted this week) to target 2690/2700 (we reached 2606 as I write) & 2730/35. Worth holding those longs in silver through April I believe. Already we have seen a huge profit on the 200 point gains in less than 2 weeks.
Downside is expected to be limited again today with first support at 2570/50. Longs need stops below 2530.
WTI Crude (May) breaks above 8200 for a buy signal as expected & kindly dipped back to retest the break point at 8200 to give us a buying opportunity. We should shoot straight to resistance at 500 & 200 day moving averages at 8380/8430 (which actually was yesterday’s high for the day). A break above 8430 is the next buy signal. However failure to beat resistance at 500 & 200 day moving averages at 8380/8430 (in overbought conditions as we did yesterday) risks a slide to a buying opportunity at 8200/8160. Longs need stops below 8120.
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Jason Sen, Director