Technical Analysis DayTradeIdeas

Technical Analysis DayTradeIdeas

19 November

Gold XAUUSD

• * Gold initially held strong resistance at 2594/98 & dipped to 2580.
• * In the afternoon we broke higher & I wrote:
• * This is a buy signal for Gold too as we beat 2603.
  Support at 2602/2598 now (although we are unlikely to see this level at this stage) & longs need stops below 2593.
   Targets: 2521, 2531
• * We have hit the first target as we look for 2531 & even 2643 is possible.
• * Above here we could reach the 2652/56 area.

Silver  XAGUSD

1. 1. Silver held minor resistance at 3080/3085 all morning but the break above 3090 in the afternoon was our buy signal as we completed the inverse head & shoulders pattern
2. 2. Targets: 3120, 3160/65.
3. 3. It looks like we could even reach 3190 eventually.

4. Support at 3100/3080 & longs need stops below 3070.

WTI Crude December future.
Last session low & high for the December contract: 6661 – 6939.
(To compare the spread with the contract that you trade).

1. 1. WTI Crude collapsed from resistance at 6880/6920 to both targets of 6850/6830 & the late October low at 6690/70 on Friday
2. 2. On Monday we shot higher to recover all the steep losses as WTI Crude remains locked in a sideways range.
3. 3. Note the bullish engulfing candle, although I do not trust the buy signal in the face of the lack of direction for this market & the longer term sideways consolidation.
4. 4. We beat minor resistance at 6775/6795 to hit the next target & strong resistance at 6880/6920.
5. 5. A break above 6950 today can target 6990, perhaps as far as 7040/70.
6. 6. If prices collapse yet again from the low $69 area look for 6870, perhaps as far as 6830/10.
7. 7. Further losses retest 6690/6660.

8. If we continue lower, look for a retest of the 2024 low, set in September at 6545/25.

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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.

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Jason Sen, Director

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20241119