Technical Analysis DayTradeIdeas

Technical Analysis DayTradeIdeas

Trade ideas for Thursday 7th March 2024

Gold hit the next target of 2146/49 with a high for the day just above at 2152. Further gains are expected towards 2160/62

Gold XAUUSD:

1. 1. The break above 2120 was our latest buy signal & we hit the next target of 2146/49 with a high for the day just above at 2152. Further gains are expected towards 2160/62, perhaps as far as 2169/71.
2. 2. Be aware that Gold is obviously severely overbought after the $125 rally, but with no sell signal, do not even think about trying a short position yet!!
3. 3. 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 over the last 4 days.
   
4. * We should have some support at 2123/19 & longs need stops below 2110.
5. * A break below here however risks a slide to 2092/88.

WTI Crude April future

1. 1. It’s 2 steps forward & 1 step backwards for this market. WTI Crude remains mostly in a sideways consolidation & keeps just finding new ranges.
2. 2 .An excellent recovery from strong support at 7790/60 made it as far as the upper end of the recent range at 8040/8085.
   
3. * I expect strong support at 7790/60 & longs again have targets of 7860, 7930, 7970, perhaps as far as 8040.
4. * A break below 7720 today however risks a slide to to 7690 & 7600/7580.

• A break above 8100 should be a buy signal targeting 8130/50 then 8200/8230.

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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.

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Jason Sen, Director

https://www.daytradeideas.co.uk

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