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 broke the neck line of the head & shoulders pattern at 1976/75 for our sell signal & hit all targets as far as 1934/31. A low for the week exactly here with the only support for this week at 1933/1930 in oversold conditions.
It should be worth trying a long with stop below 1925.
A break lower however should see us hold resistance at 1931/34 & head lower towards 1915 & 1910.
Longs at 1933/30 can target the 1945/50 area for some profit taking. We could continue higher as far as 1955.
If we continue higher look for a sell opportunity at 1958/63. Shorts need stops above 1968.
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Jason Sen, Director