Technical Analysis DayTradeIdeas
Technical Analysis DayTradeIdeas
31 May
Gold XAUUSD analysis & trade ideas.
Gold volatility has dropped significantly as we are in a sideways consolidation 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.
Yesterday we held below 2335 in the morning to hit my target of 2328/25, with a low for the day at 2323.
We then shot higher & made a high for the day exactly at resistance at 2350/55, so watch this level again this morning & shorts need stops above 2360. Target is 2340 & 2335.
I would try a short again at 2375/80 (if we reach that far today)- stop above 2385.
Targets: 2365, 2355
A break higher however can be taken as a short term buy signal targeting 2407/10.A move below 2335 can retarget 2328/25.
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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
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