Technical Analysis DayTradeIdeas
Technical Analysis DayTradeIdeas
On the 1st March I began identifying the short term Gold bull trend & I wrote:
Gold XAUUSD is in a 2 week bull trend & beat last week’s high on Friday at 2041/42 for a buy signal.
We hit the target & resistance at 2049/50 for a potential 7 point profit if you managed to buy the breakout.
Now Gold must hold above 2041/37 to maintain the short term bull trend.
2nd March: Gold made a low for the day on Friday exactly at the buy level of 2041/37….
At last it all came together after such a long period of sideways inaction & as I promised it was worth waiting for the breakout. From 2041/37, we shot higher to the 2065 target & as far as 2088….I do favour a push higher so I would take a break above 2090 as a buy signal for Monday targeting 2097/99, perhaps as far as 2106/08.21 March: Gold completed the triangle consolidation pattern after making a low for the period exactly at my buying opportunity at 2147/42.
The break above 2164 was my buy signal yesterday targeting 2179/80 & the all time high at 2192/94.
The break above all time high of 2192/94 was the next buy signal & we have reached $2222. Further gains are expected eventually to 2240, 2250/52 & 2260.
Gold XAUUSD: higher again as predicted as we wrote on Friday: A break above 2315 targets 2325 then 2340/45.
- 1. On Friday we initially dropped on the strong NFP number, as would be expected but this did not last long & prices swiftly reversed to reach 2330.
- 2. Gold ignored data which could normally be expected to be negative for Gold. This just shows how strong the bull trend is. I have set ambitious targets but often these have been hit in a single day.
In fact only last Monday we soared through 2198 & hit my weekly target of 2260 that afternoon! - 3. The close at the high of the day on Friday, the high of the week & at another new all time high suggests there are shorts being squeezed which is helping the strong buying momentum. There is nothing to suggest this is about to stop & so further gains are expected this week.
- 4. On a break above 2332 today we target 2343/46 & 2359/62. Even 2370/74 is possible this week.
- 5. Support at 2310/00 & longs need stops below 2285. On a break lower look for a buying opportunity at 2255/45 & longs need stops below 2230.
Silver XAGUSD broke minor support at 2680/70 & tumbled to just 6 ticks above my next downside target of 2620/00. That worked if you shorted the break lower but unfortunately it was just above my buying opportunity at 2620/00.
- 1. Jumped 120 ticks from the 2626 low reaching 2749. Outlook remains positive as we look for 2765/70 then 2800/10 (probably today).
- 2. Support at 2690/2675 & longs need stops below 2655. Further losses risks a retest of support at 2635/25 & longs need stops below 2610.
WTI Crude MAY future
- 1. WTI Crude hit the next targets of 8655 then 8700/20 as predicted as we edge towards my next target of 8810/30 this week. Above here look for 8900/20.
- 2. We remain buyers on any weakness with support at 8600/8580 & 8500/8480. Both buy levels need a 40 tick stop loss.
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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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