Technical Analysis DayTradeIdeas
Technical Analysis DayTradeIdeas
17 May
Gold XAUUSD
- 1. We hit my target of 2392/98 after the CPI number & made a high for the day exactly as predicted.
We wrote:
”We may pause here in overbought conditions but there is definitely no reason for prices to reverse so shorts are ruled out at this stage & further gains look more likely, especially after the data.” - 2. No surprise to see prices retreat therefore on Thursday to my buying opportunity at 2380/75 & longs need stops below 2370.
- 3. If we do see a drift lower I would suggest a buying opportunity at 2380/75 & longs need stops below 2370. (We made a low for the day exactly at 2370, so the longs are still being held as I write over night.
Targets: 2390, 2400, 2410
4. Just be aware that a break above 2400 can target 2414/17 next week.
5. However a break below 2370 risks a slide to 2362/60 & perhaps as far as 2355/53.
Silver XAGUSD
- 1. Silver shot higher to retest the April high at 2975/80 but has held here throughout Thursday. A break above here today is a buy signal targeting 3000/05 & 3045/65.
- 2. Just be aware that a move as far as 3200 in to next week could eventually be seen.
- 3. This is important – Failure to beat 3000 risks the formation of a double top pattern, which could be taken as a sell signal. A slide to 2800/2790 is then likely.
WTI Crude JUNE future
- 1. WTI Crude has been trading sideways for 2 weeks, mostly stuck in a 250 tick range. At this stage I must wait for a breakout & hope we can jump on a decent move that might return 200 or 300 ticks profit but for now I have no new ideas while we are trapped.
- 2. I am starting to think that Oil is ready to stage a good recovery however & a break above 8000 could be taken as a buy signal targeting 8080/8100, perhaps as far as 8170/90 & even 8280/8300 in to next week.
**I believe the spot WTI Crude contract trades about 35 ticks below the June futures, so a break above 7970 would be the buy signal for today.**
NOTE JULY FUTURES ARE TRADING ABOUT 45 TICKS BELOW JUNE
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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
20240517
