Technical Analysis DayTradeIdeas

Technical Analysis DayTradeIdeas

Gold XAUUSD trades mostly sideways for 4 days as we consolidate Wednesday’s big rally. Yesterday we moved back up towards the high of the 4 day range. As I have said, eventually the market will probably refocus on lower interest rates & Gold will climb again. We hit the 2038/41 target & reached 2046. A break above 2049 beats last week’s high & should be a buy signal targeting 2053/55 then 2062/65 & even 2073/76 is possible.

Support at 2020/15. Longs need stops below 2010.

Silver XAGUSD still holding support at 2380/70 & longs need stops below 2350.
Targets: 2420, 2440, 2460

WTI Crude January futures held 7250/00 on the downside & bounced to the target 7380/7420. A break above 7450 targets 7500/7520, perhaps as far as 7570/90.

Support again at 7250/7200. 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

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20231220