Technical Analysis DayTradeIdeas

Technical Analysis DayTradeIdeas

Trade ideas for Thursday 8th February 2024

Gold XAUUSD has a 2 month rising trend line from the 13th December offering support at 2020/2017. Longs need stops below 2014.

There is a horizontal 1 month trend line at 2063/67. Shorts need stops above 2071.

Unfortunately these are not the strong levels I usually find in Gold but they are all I have to go on at this stage because Gold has been stuck in a sideways channel for at least 2 months, still trading at the same levels as the beginning of December.

Silver XAGUSD should have resistance at 2270/90 on any recovery today & shorts need stops above 2310.

WTI Crude March futures have reversed yet again, winning back much of Friday’s steep losses & beaten resistance at 7340/70 targeting strong resistance at 7450/80. Shorts need stops above 7540.

It’s not easy to identify low risk trades as WTI Crude has been stuck in a sideways channel for at least 2 months, still trading at the same levels as the beginning of December. We have a lower 2 month trend line at 7230/7190. Longs need stops below 7150.

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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20240208