Technical Analysis DayTradeIdeas

Technical Analysis DayTradeIdeas

28 November

Gold XAUUSD

• * Gold headed higher as predicted to strong resistance at 2648/52 & shorts needed stops above 2657.
• * This was tricky as Gold hit 2658 on the release of the inflation data in the US.
• * I hope that you managed to hold the short position!!
  Gold crashed immediately after we hit 2658 & hit 2620.
• * I think we have completed the bear flag pattern & Gold will continue lower towards 2617/15 & eventually we will probably retest the November low at 2610/05.
• * A break below 2602 is a sell signal targeting 2595/94 & 2580/75, perhaps as far as 2565.
• * Gains are likely to be limited again today as we transition to a medium term bear market.

• * I expect strong resistance again at 2648/52 & shorts needed stops above 2658.

Silver  XAGUSD

1. 1. We wrote: Silver looks likely we will retest the November low at 2675/65.
2. 2. As I write we are testing this level as predicted.
3. 3. Unfortunately we missed the sell opportunity at 3080/90 by just 10 ticks.
4. 4. WE HAVE THE NECK LINE TO A HEAD & SHOULDERS AT 2955/45.
5. 5. This is obviously the key level for today.
6. 6. A BREAK BELOW HERE IS AN IMPORTANT MEDIUM TERM SELL SIGNAL INITIALLY TARGETING THE 200 day moving average at 2905/00.
7. 7. However just be aware that the measured target for the move is down towards the 500 day moving average at 2670/60.

8. Gains are likely to be limited after the bull trap with strong resistance at 3030/40 – here shorts need stops above 3060.

WTI Crude January future.
Last session low & high for the December contract: 6818 – 6937.
(To compare the spread with the contract that you trade).

1. 1. WTI Crude made a high for the day exactly at first resistance at 6940/70
2. 2. A break higher today meets the next target & resistance at 7030/60. Shorts need stops above 7090 here again today.
3. 3. Holding resistance at 6940/70 again today retests minor support at 6850/30.
4. 4. We made a low for the day almost exactly here yesterday.

5. A break below 6800 suggests further losses towards 6775/55 & perhaps as far as the November low at 6680/50.

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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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