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 beat last week’s high at 1930/32 & held minor resistance at 1940/45 throughout the whole of the morning session before the break above 1950 for another buy signal targeting 1962/65. We saw a high for the day exactly here but the outlook remains positive despite severely overbought conditions. I see no sell signal yet. Therefore a break above 1965 targets 1970/75 & 1980/82, perhaps as far as 1986/88. I will watch carefully for a sell signal.
Strong support at 1938/33. Longs need stops below 1928.
Silver XAGUSD longs at first support at 2255/50 working perfectly as we target 2278/81 & the break above 2285 was a buy signal on Tuesday targeting 2295 & 2320/30. A high for the day exactly here for a nice 70 tick profit. First support at 2275/65. Longs need stops below 2260.
A break lower meets strong support at 2235/25. Longs need stops below 2215.
WTI Crude December futures meet good support at 8690/60 & even better support at 8590/8560. Longs need stops below 8500. Obviously we need a break above yesterday’s high at 8857 for the next leg higher in the bull trend targeting 8970/90. If we continue higher look for 9060/9090.
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Jason Sen, Director