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.
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Gold XAUUSD closed at the high of the day on Friday & the high of the week, as well as closing above the 2 week high after the very strong reversal. It looked like further gains were likely when markets opened this week.
So I was surprised when we saw $25 wiped out on the open & prices collapsed to 1907.
Yesterday afternoon we held a range of 1907 up to 1922/24.
We should have very strong support at 1903/1898…longs need stops below 1894. A break lower however could test strong support at 1885/1880. Longs need stops below 1875. A break above 1925 rests last week’s high at 1930/32. A break above 1934 can target minor resistance at 1940/45. A break above 1950 is a buy signal targeting 1962/65 & 1970/75.
Silver XAGUSD holding above first support at 2255/50 keeps bulls in control & can re-target 2278/81. A break above 2285 is a buy signal for today targeting 2295 & 2320/30. Longs at 2255/50 stop below 2230. A break lower can target support at 2200/2190. Longs need stops below 2170.
WTI Crude November futures holding support at 8690/8660 today keeps bulls in control targeting the only resistance of note at 8820/60. These levels marked the high & low for Monday. I should have recommended shorts at 8820/60 & I should have suggested shorts!
If you try shorts here today, stop above 8910. A break higher is a buy signal targeting 8970/90.
Longs at 8690/8660 stop below 8600. A break below 8600 can target 8540/30, perhaps as far as minor support at 8460/30.
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Jason Sen, Director