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 remains in a 2 week sideways consolidation. We broke support at 1988/85 which then worked as resistance and tested the neck line to a short term head & shoulders pattern on the 1 hour chart at 1976/75 with a low for the day exactly here. It’s a delicate situation! 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. A bounce from 1976/75 targets 1985/87. A break above 1989 should be a buy signal for today targeting 1992 & 1997. Perhaps as far as 2000/2003.
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Jason Sen, Director