Technical Analysis DayTradeIdeas
Technical Analysis DayTradeIdeas
Gold makes a low at our buying opportunity. WTI Crude rockets after the buy signal breakout.
Gold XAUUSD:
- 1. Gold trades in a sideways consolidation to ease severely overbought conditions exactly as predicted a week ago. It is perfectly normal after a swift move higher, but it is difficult to find opportunities in this phase.
- 2. At last we reached my downside target & buying opportunity at 2147/42 with a low for the day just below 2146. This trade worked perfectly with a bounce to 2162.
- 3. Gold is likely to trade sideways for a little longer until we complete what is probably a short term descending triangle. A break above 2170 would be more positive for today & could trigger a move towards 2179/80 & even a retest of the all time high at 2192/94.
We have minor resistance at the 2 day high at 2180/84. A break above the all time high of 2195 should be a buy signal this week. - 4. We still have another buying opportunity at 2147/42. If we retest this level today, longs need stops below 2137.
- 5. A break below 2136 however risks a slide to 2225, perhaps as far as 2020.
WTI Crude April future shot higher as predicted.
- * Finally made a breakout above 7970/8000 & also the more important March highs at 8045/8085 for a buy signal targeting 8130/50 then 8200/8230, which was hit yesterday at last.
- * In fact even 8400/8450 is a realistic target if you want to try running a small position as far as this target in the days ahead. We are well on the way, reaching 8309 yesterday.
- * A buying opportunity at 8160/40 today & longs need stops below 8090.
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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
20240319
