Technical Analysis DayTradeIdeas
Technical Analysis DayTradeIdeas
Gold & silver outlook remains positive despite severely overbought conditions. This week’s target is $2370/74.
Gold XAUUSD: made a low for the day exactly at my buy level of support at 2310/00 just after the open at around 2am UK time.
If you managed to catch this opportunity it was yet another perfect buying opportunity as we immediately shot higher to 2341.
Clearly Gold remains in a strong bull trend with significant gains again on Monday as expected. We wrote: On a break above 2332 today we target 2343/46 & 2359/62.
If you bought the break above 2332, we got to within 2 points of 2343/46.
Above here today look for a test of the all time high at 2352/54. Above the all time high targets 2359/62. Even 2370/74 is possible this week.
Support could be higher today at 2326/22 & longs need stops below 2317. On a break lower look for a buying opportunity at 2308/03 & longs need stops below 2299.
Silver XAGUSD made a low for the day exactly at support at 2690/2675 & longs worked perfectly on the very quick bounce to 2800.
First support at 2724/19 today & longs need stops below 2700. Targets are 2755, 2785, 2805.
A break lower however risks a slide to support at 2670/60. Longs need stops below 2640. Targets: 2710, 2760, 2790.
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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
20240409
