Technical Analysis DayTradeIdeas
Technical Analysis DayTradeIdeas
02 August
Gold XAUUSD
- * Gold longs at first support at 2435/32 worked perfectly with a low for the day at 2430 we shot higher to the 2455 target with a high for the day halfway to my next target of 2470/75 as we wait for important US non farm payroll & average earnings data today.
- * We are still stuck in a 4 month sideways channel which makes trade identification difficult. A break above 2475 retests the all time high & 4 month trend line resistance at 2483/87 as we become overbought.
- * Bulls need a significantly higher than expected unemployment number to push Gold through here.
- * First support at 2438/35 could see a low for the morning before the big data, but longs need stops below 2330.
- * A break below here can target 2320. If we continue lower, look for a test of support at 2408/04 & longs need stops below 2399.
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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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