Technical Analysis DayTradeIdeas

Technical Analysis DayTradeIdeas

30 May

Gold XAUUSD

1. 1. Gold volatility has dropped significant as we are in a sideways consolidation at this stage.
   After last week’s bearish engulfing candle on the weekly chart i warned that this would happen, but it takes a couple of weeks before we can try to identify the consolidation pattern.
   Is it  a triangle, channel, pennant, flag etc?
   In the meantime i will do my best to guess the likely high & low for the day to try to find trade opportunities where we can risk 5 points in the hope of making 10.
   Unfortunately I cannot make the market move, so this is the best we can do in these conditions.
2. 2. There could be resistance at 2350/55 this morning & shorts need stops above 2360. Target is 2340.
3. 3. I would try a short again at 2375/80 (if we reach that far today)- stop above 2385.
   Targets: 2365, 2355
4. 4. A break higher however can be taken as a short term buy signal targeting 2407/10.
5. 5. Holding below 2335 keeps the pressure to the downside for today targeting 2328/25 (which I do NOT see as a support so i do not suggest trying a long).
    A break below 2321 should be a sell signal targeting  2309/06.
   
   

Silver  XAGUSD

1. 1. Silver continues to out perform Gold as expected as we target 3210/20 & a retest of the high at 3250.
2. 2. A break above here is also expected eventually (and could do so even if Gold is unable to follow), although I have no idea of timing. If seen, look for targets of  3275, 3295/99 & eventually 3345/65.
3. 3. First support at 3110/3090 & longs need stops below 3070.
4. 4. A break lower risks a slide to a buying opportunity at 3010/2990 & longs need stops below 2970.

WTI Crude JULY future

1. 1. WTI Crude July break above 7930 was a buy signal targeting 8000/8010, which was hit immediately.
2. 2. WTI Crude then collapsed from last week’s high at 8060 back to support at 7900/7860 & longs here need stops below 7820.
3. 3. Just be aware that a break above 8080 could be a buy signal for today targeting 8100 & resistance at 8150/70, where a high for the day looks likely.
4. 4. Just so you can calculate the spread for the Oil contract on your platform, the futures on Tuesday had a low at 7899 & a high at 8062.

Gold broke to the downside of what was probably a bear flag at around 10 am UK time.

This should have been a sell signal but unfortunately there was little follow through & we only reached 2335, before trading in a 10 point sideways range ever since.

WTI Crude jumping up and down but going nowhere & currently trading mid range, at the same prices as the beginning of May – so in effect we have gone nowhere!

The 1 month range is only about 450 ticks.

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

20240530