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.
Gold first support at 1927/24 but longs need stops below 1920. A break lower targets 1915/12. Below 1910 look for 1900, perhaps as far as 1890.
Strong resistance at 1940/45. Shorts need stops above 1950.
Silver best support for this week at 2390/80. Longs need stops below 2365. A break lower is a medium term sell signal.
Minor resistance at 24.50/60. Strong resistance at 2485/95. Shorts need stops above 2505.
WTI Crude JUNE first support at 102.00/101.50. Longs need stops below 101.00 (a low for the day here again on Friday). A break lower however targets 9900/9850 & 9750/9700. We could fall as far as very strong support at 94.50/9400. Longs need stops below 9350.
Holding support at 102.00/101.50 allows a recovery to minor resistance at 104.50/105.00. Above 105.50 however look for 106, perhaps as far as 107.30/70. Shorts need stops above 108.50.
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Jason Sen, Director