Technical Analysis DayTradeIdeas

Technical Analysis DayTradeIdeas
Gold XAUUSD trades mostly sideways for 3 days as we consolidate Wednesday’s big rally. Yesterday we held within Friday’s range with a low for the day 4 points above support at the October & short term 38.2% Fibonacci level of 2012/2008.
Longs here today need stops below 2005.
If we continue lower, the best support I see for this week is at 2000/1995. Although there is no Fibonacci support here, price action & the 200 period MA on the 4 hour chart could attract buyers. Longs need stops below 1990. Eventually the market will probably refocus on lower interest rates & Gold will climb again. If we do bounce from 2000/1995 look for 2020/23, perhaps as far as 2027/29. Above 2030 look for 2033 & 2038/41.

Silver XAGUSD consolidates sideways but did find support at 2380/70 again yesterday & longs need stops below 2350.
Targets: 2420, 2440, 2460

WTI Crude January futures made a low for the day again at minor support at 7090/60 & longs worked perfectly if you tried the trade (despite the bear trend) with a bounce up to 7200/7250. The break above 7250 met strong resistance at 7350/7400.
We reversed from just above here at 7426. I think it is fair to say the levels worked. Prices then collapsed to 7250/00 which held the downside.
So a bounce from here re-targets 7380/7420. A break above 7450 targets 7500/7520, perhaps as far as 7570/90. A break below 7200 retests support at 7080/40 & remember we are in a short term bear trend so longs are risky on a 3rd test. A break below 7010 should be a sell signal targeting 6970/50 & 6890/6860.

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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Jason Sen, Director
https://www.daytradeideas.co.uk
20231219
