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 longs at 1933/30 hit the 1955 target.
Gold XAUUSD shot higher from the buy level at 1933/30, aided by yesterday’s lower than expected CPI number & we hit all targets as far as the sell opportunity at 1958/63 but continued higher to 1970.
At this stage I am not sure what to do & I don’t want to risk losing any of the big money we earned from the last 2 trades. (The short from 1975 to 1935 & the long from 1933/30 up to 1955).
There may be some resistance at 1970/73 but I do not feel confident enough to suggest a short. However a break higher can target 1978, 1983 & even 1992.
On the downside we should have good support at 1950/46.
WTI Crude December futures hit my target & strong resistance at 7920/7970 with a high for the day exactly here.
Shorts at 7920/7970 worked perfectly hitting my 1st target of 7790/60, with a low exactly here as I write over night. However we could fall as far as 7660 & 7600. Further losses can retest last week’s low at 7530/00. Strong resistance again at 7920/7970. Shorts need stops above 8040. A break higher is a buy signal targeting 8100 & probably 8180/8200.
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Jason Sen, Director