Technical Analysis DayTradeIdeas

Technical Analysis DayTradeIdeas

21 May

Gold & silver surge!

Gold XAUUSD

1. 1. Gold initially beat the all time high at 2431 for a buy signal for this week & hit the target of 2440/43, before unexpectedly collapsing over 40 points to 2407, breaking support at 2431/27.
   We did make a low for the day at the Fibonacci support at 2410/05 & immediately bounced to the targets of 2421 & 2431as gold bounced as far as 2437.
2. 2. Same levels apply for today with the best support at 2410/05 & longs need stops below 2400.
   A break lower however targets 2495 & a buying opportunity at 2381/77. Longs need stops below 2370.
3. 3. Ultimately I see Gold reaching 2456/58, 2470/72, 2478/80 in the bull trend but timing is impossible to know.

Silver XAGUSD

1. 1. Silver shot higher to my 3200 target, reaching 3250 before a bout of profit taking knocked silver through support at 3160/40.
2. 2. However we made a low for the day exactly at the buying opportunity at 3100/3080, with a longs working on a very quick bounce to my targets of 3150/55 & 3190, finally reaching 3233.

3. Strong support again at 3100/3080 & longs need stops below 3050.A break lower however risks a slide as far as a buying opportunity at 3010/3000. Longs need stops below 2970.

It’s not the smartest traders who succeed, nor those who work the longest hours. It’s traders who learn how to control their emotions.

Learn my trading psychology secrets to gain emotional stability in my FREE 5 day challenge!

Sign up now: https://bit.ly/3RtFyZZ

Join my free telegram group for analysis and signals.

https://t.me/daytradeideas

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

20240521