Technical Analysis DayTradeIdeas
Technical Analysis DayTradeIdeas
01 November
Gold XAUUSD
- * Gold break above 2760 killed the bearish engulfing candle signal & was our buy signal targeting 2775/77, 2785/86 & 2789/90, which as predicted was reached before the release of NFP on Friday.
- * In fact we made a new all time high exactly at 2790.
- * However prices unexpectedly crashed suddenly through my buying opportunity at 2774/71 & longs stopped below 2767.
- * As I wrote in my update yesterday: Gold could have resistance at 2744/48 & shorts need stops above 2754.
- * A break above 2754 can target 2760, perhaps as far as strong resistance at 2765/70 & shorts here need stops above 2775.
- * A break below 2730 meets support at 2718/14 & longs need stops below 2708
- * A break below 2708 can target 2698/95 & 2685/80.
Gold likely to drop significantly now
Silver XAGUSD
- 1. Silver broke first support at 3380/70 & longs stopped below 3355 & can target 3233/38 then 3180/60.
- 2. Resistance at 3280/3300 & shorts need stops above 3310.
- 3. Targets: 3250, 3238/33 & perhaps as far as 3180.
4. However a break above 3310 can target 3050/70.
WTI Crude December future.
Last session low & high for the December contract: 6830 – 7080.
(To compare the spread with the contract that you trade).
- 1. WTI Crude did break above 6925 yesterday to trigger a gap close, targeting 6990 then 7080 as predicted.
- 2. Strong resistance at 7080/7110 could be a sell opportunity but shorts need stops above 7150.
- 3. Targets: 7010, 6950, perhaps as far as 6890/6880.
- 4. If we continue lower look for 6820/6810.
5. Just be aware that a break above 7150 can target 7190/7220
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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
20241101
