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 Spot we wrote: outlook remains negative despite some stability yesterday.
Gold lower yesterday as expected as we test best support for this week at 1879/75. Longs need stops below 1870.
Silver we wrote: holding first resistance at 2380/90 for a sell signal targeting 2340/35 & minor trend line support at 2300/2295.
Update daily by 05:00 GMT
Gold hit all downside targets as far as best support for this week at 1879/75. Longs need stops below 1870. A break lower is an important medium term sell signal initially targeting 1955/53, 1850 & 1844/42, perhaps as far as strong support at 1838/35.
Longs at 1879/75 target 1890 & 1906/09. If we continue higher look for resistance at 1920/25.
Silver holding first resistance at 2380/90 for a sell signal targeting 2340/35 (hit) & minor trend line support at 2300/2295. A low for the day is certainly possible today. Longs need stops below 2290. A break lower is another important sell signal with a 100 tick drop possible.
Shorts at first resistance at 2380/90 stop above 2410. An unexpected break higher is a buy signal targeting 2440/50.
Please email me if you need this report updated or Whatsapp: +66971910019 – To subscribe to this report please visit daytradeideas.co.uk or email email@example.com
Jason Sen, Director