Technical Analysis DayTradeIdeas
Technical Analysis DayTradeIdeas
03 July
Gold XAUUSD
- 1. Gold has held a $20 range for 3 days as we trade back & forth over the same prices in the 3 month sideways consolidation, from 2318 up to 2339.
- 2. Scalping resistance at 2335/40 keeps working & we saw a high for the day exactly here yet again yesterday.
- 3. Yesterday the shorts offered up to 15 points profit again, so we cannot complain making up to 15 points a day in such difficult conditions.
Very minor support at 2320/18 has held the downside for 3 days, so watch to see if we bounce from here again today. - 4. A break above 2342 could trigger further gains towards 2355.
- 5. A break below 2316 can target the lower end of the range at 2397/94.
If you try a long here again today, stop below 2290 for a retest of the June low at 2286.
Targets for the bounce: 2305, 2315. - 6. A break below 2283 however is a sell signal targeting 2278/76 & probably as far as support at 2255/50 for profit taking on shorts.
Silver XAGUSD
- 1. Silver tried a break above resistance at 2945/55 with a high for the day at 2382 & shorts need stops above 2975 so this was tricky. But prices collapsed very quickly, back towards 2955.
- 2. I think we are forming a bull flag, meaning eventually we will break higher for a buy signal.
- 3. I would suggest that we need a break above 3015 for that buy signal. In the mean time we are likely to chop up & down in a narrow range, like Gold.
WTI Crude August future.
Last session low & high for the AUGUST contract: 8272 – 8438.
(To compare the spread with the contract that your trade).
- 1. WTI Crude August made a break above 8290 for the next buy signal targeting 8350.
- 2. Yes we wrote: further gains are expected in to the end of the week with the next target at 8390/8400 and a break above 8425 taking prices as far as the 8490/8520 area.
- 3. So far we have reached 8438.
- 4. A low for the day only 2 ticks above minor support at 8270/60 which could hold the downside again today, but the best buying opportunity should be at 8200/8180 & longs need stops below 8130.
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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
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