Technical Analysis DayTradeIdeas
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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Trends & trade opportunities for Gold & Dollar after US non farm payroll is lower than expected
Today’s trade ideas:
Gold XAUUSD shot higher to 2003 on the non farm payroll release & then trickled back to 1988. We remain in a 2 week sideways consolidation. Some support at 1988/85 if you want to try to scalp 10 points with a 5 point risk. Very minor support at what is probably the neck line to a short term head & shoulders pattern on the 1 hour chart at 1976/75. A break below 1973 should be a sell signal if we hold below 1978 therefore & targets 1963/91, 1943/40 & even 1934/31 is possible eventually.
However for today we should find strong support at 1965/61 so watch for a low for the day if you are scalping short term levels & take a profit on a bounce to 1972/74.
If we continue higher perhaps we will find some resistance at the October high of 2007/2009. A break above 2010 should be the next buy signal.
Silver XAGUSD has been in a volatile sideways consolidation for so long now it seems pointless trying to swing trade when short term scalping is the only strategy worth trying.
We are holding with the range set 3 weeks ago of 2235-2370.
WTI Crude December futures made a high for the day exactly at resistance at 8300/8350. If you tried a short here it worked perfectly hitting downside targets of 8190/60 & 8060/30. If we continue lower in short term bear trend look for a target of 7940/10 then 7800/7760. Resistance at the upper end of the 3 week range again at 8300/8350.
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Jason Sen, Director
https://www.daytradeideas.co.uk
20231106
