Technical Analysis DayTradeIdeas

Technical Analysis DayTradeIdeas

Trade ideas for Tuesday 5th March 2024

Gold XAUUSD:

1. 1. Hovered from 2078 up to 2088 all morning before a burst higher in the afternoon.
2. 2. The break above 2090 was my buy signal for Monday & we immediately shot higher targeting 2097/99 then 2106/08 for a quick & easy 15 point profit
3. 3. Gold reached as far as 2119.
4. * It’s been a great week trading Gold, from buying at 2025/2020 at the start of last week & scalping from here up to initial resistance at 2049/50. Then jumping on the buy signal breakout above 2050.
5. * Outlook remains positive despite severely overbought conditions. On a break above 2120 we can retest the all time high at 2135. Obviously a sustained break above here is another buy signal initially targeting 2146/49.
6. * I remain a buyer on any weakness (profit taking) although it is difficult to identify short term support levels because the move higher has been so fast on Friday & Monday.

We should have some support at the psychological number of 2100 but I see the best support at 2090/85 & longs need stops below 2080. 

WTI Crude April future

1. 1. Unfortunately trading WTI Crude has not been so easy
2. 2. It’s 2 steps forward & 1 step backwards for this market.
3. 3. Prices have broken back below 7980/7930.
4. * We should have strong support at 7790/60 for a buying opportunity with stop below 7720.
   Targets: 7860, 7930 & even 7990 is possible.
5. * A break below 7720 risks a slide to to 7690 & 7600/7580.

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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.

Please email me if you need this report updated or Whatsapp: +66971910019 – To subscribe to this report please visit daytradeideas.co.uk or email jason@daytradeideas.co.uk

Jason Sen, Director

https://www.daytradeideas.co.uk

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