Technical Analysis DayTradeIdeas
Technical Analysis DayTradeIdeas
08 July
Gold XAUUSD
Gold finally beat resistance at 2335/40 mid last week for our buy signal & then a downward revision to the May NFP number, higher than expected unemployment & lower average earnings sent Gold higher on expectations of a rate cut, as predicted.
The break above 2371 was our buy signal on Friday targeting 2377/79 & 2384/86 for profit taking before the weekend.
Prices reached as far as 2392 by the close. A great trade if you were quick enough to catch it.
Although overbought in the short term, I think further gains are likely at the start of this week. A break above 2395 is the next buy signal targeting 2405/07 & perhaps as far as 2422/25.I would be a buyer if we see any weakness on Monday but the only support I can identify is quite a long way down at 2371/68. Longs need stops below 2364.
Targets: 2377, 2384, 2390
Silver XAGUSD
Silver I said was forming a bull flag, meaning eventually we will break higher for a buy signal. That has happened last week & beating 3015 helped that buy signal & we shot higher to 3080/85 on Friday, then beating 3090 for another buy signal.
My targets were 3105/10 & 3130/35, even 3150/55 I said was possible.
Silver rocketed to 3148, so we only missed my 3rd target by 2 ticks.
A great trade if you were quick enough to jump in on the buy signal.
Now that we have broken higher & completed the bull flag pattern, I expect the downside to be limited & I expect to see further gains this week.
First support at 3085/75 & longs need stops below 3065.
A break above 3155 is the buy signal for this week targeting 3175 & 3200/10, perhaps as far as 3230.
WTI Crude August future.
Last session low & high for the AUGUST contract: 8302 – 8452.
(To compare the spread with the contract that your trade).
- 1. WTI Crude August has traded sideways for 3 days & we have 2 candles with long upper wicks, suggesting there is profit taking around 8430/50.
Again we meet minor support at 8270/40 which could hold the downside again today. Longs need stops below 8225. - 2. A break below 8225 is a sell signal targeting 8160.
- 3. A break above 8450 is the next buy signal targeting 8490 & 8520.
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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
https://www.daytradeideas.co.uk
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