Technical Analysis DayTradeIdeas
Technical Analysis DayTradeIdeas
22 July
Gold XAUUSD
- 1. Gold collapsed last week in a counter trend move & although I have a rule to never trade against the trend, I had to take the break below 2440 as a sell signal.
- 2. Shorts worked as we hit our targets of 2436/31, 2415 & even a buying opportunity at 2410/05.
However longs needed stops below 2399 & we tumbled as far as 2393 on a day when Gold lost over $50 in value, or over 2%.
Gold lost $90 or almost 4% in total from Wednesday’s new all time high at 2483 without any warning – although we did reverse from the 3 month trend line you see in the daily chart. - 3. Gold now sits in the middle of the $180 range & holding what should be resistance at 2405/10 keeps the pressure on for a test of support at 2390/85.
longs need stops below 2382. - 4. A break below 2382 (& shorts need stops above 2392) is a sell signal targeting 2365/60 for profit taking.
5. I think the best sell opportunity is at 2415/2420 & shorts need stops above 2425.
A break higher however can target 2440.
Silver XAGUSD
- 1. Silver we wrote: is on the way to my target of 2930/20 & could even reach 2900/2890 today for profit taking on any remaining shorts before the weekend.
Silver hit my target of 2900/2890 as predicted & made a low for the day at 2895. - 2. Minor resistance at 2950/60m could hold a bounce in the morning but the best sell opportunity is at 2995/3005 & shorts need stops above 3015.
Targets: - 3. We could meet support again at 2895/85 although I do not think this will hold for too long. A break below 2880 targets a buying opportunity at 2850/40 & longs need stops below 2820.
WTI Crude August future.
Last session low & high for the AUGUST contract: 8007 – 8288.
(To compare the spread with the contract that you trade).
- 1. WTI Crude August crashed as far as strong support at 8020/7980.
A low for the day exactly as predicted & longs need stops below 7920 on Monday.
Targets: 8070, 8100, 8130. - 2. A break below 7920 is a sell signal targeting 7850 & possibly 7750/7700.
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.
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
20240722