Technical Analysis DayTradeIdeas
Trade ideas for Monday 12th February 2024
Gold XAUUSD has a 2 month rising trend line from the 13th December offering support at 2020/2017 & we saw a low for the day & the week. However with very little volatility, we did not get much of a bounce as we wait for US Core Inflation Rate on Tuesday. Further gains today can target 2030, perhaps as far as minor resistance at 2035.
On a retest of the support which is a little higher today at 2022/2019, we need stops below 2016.
A break lower however can target 2003/2000.
There is a horizontal 1 month trend line resistance at 2063/67. Shorts need stops above 2071.
Silver XAGUSD should have resistance at 2270/90 on any recovery today (a high for the day exactly here on Friday) & shorts need stops above 2310. A break higher targets 2030/35.
Shorts at 2270/90 target 2235 & 2215.
WTI Crude March futures is only trading sideways but the move above 7660 hit my next targets of 7700 & 7730/40 with a high for the day exactly here in a quiet session.
We should meet strong resistance at 7790/7840. Shorts need stops above 7900. On the downside we should have strong support at 7520/7480 & longs need stops below 7450.
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