Technical Analysis DayTradeIdeas

Technical Analysis DayTradeIdeas

22 August

Gold XAUUSD

1. 1. Gold we have a potential new leg higher in the longer term 20 year bull trend just starting.
   However yesterday we traded sideways & closed unchanged as we consolidate after recent gains.
   We made a low for the day exactly at the buying opportunity at 2494/91.
2. 2. Same levels apply for today & again, holding above 2509/05 (a low for the day morning here yesterday) allows a recovery to 2525/28.
3. 3. On a break above 2533 look for 2539/43, perhaps as far as 2554/56.
   We could eventually reach 2565 & 2578/82.
   Even 2599/2602 is possible.
4. 4. A buying opportunity again at 2494/91. Longs need stops below 2485.

Silver  XAGUSD

1. 1. Silver break above 2920 was another buy signal for this week targeting 2940/45 & 2970/75
2. 2. My first buy level is at 2920/2900 again & yesterday we made a low for the day at 2920 – again longs need stops below 2875.
   Targets: 2940, 2960, 2980

3. A break above 3000 is a buy signal targeting 3035 & 3060.

WTI Crude OCTOBER future.
Last session low & high for the October contract: 7146 – 7416.
(To compare the spread with the contract that you trade).

1. 1. WTI Crude remains caught in a longer term sideways channel, around 2 years old with moving averages flatlining & converging for 6 months.
   For the last 11 months WTI Crude has been consolidating in a narrowing triangle pattern as the monthly ranges decrease.
2. 2. WTI Crude made a high for the day at 7416, just 16 ticks above the sell level & hit the 7170/40 target for a potential 200 ticks profit
3. 3. Once again holding first resistance at 7360/7400 can target 7220/7200, perhaps as far as 7170/40. Further losses today retest the August low at 7100/7088.
4. 4. A break below 7075 is a sell signal targeting 6990/6970 & 6910/6890.
   Even as far as the December 2023 low at 6800/6770 is possible eventually.
5. 5. Bulls need a push higher through 7490 to target resistance at 7560/90 & shorts need stops above 7640.

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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

20240822