Technical Analysis DayTradeIdeas
Technical Analysis DayTradeIdeas
20 February
Gold XAUUSD
- * Gold edged higher but only as far as 2946.85
- * The gains could not be sustained & clearly Gold is losing momentum – there is some profit taking or even shorting of Gold as we approach the psychological level of $3000.
- * At this stage there is no sell signal but we have 2 Doji candles since 10 February plus a bearish engulfing candle on the daily chart.
- * This could be signaling that the rally is over for now & Gold will form a sideways consolidation.
- * I think this is the most likely scenario.
- * We will not know the parameters of the sideways consolidation for a while.
- * We must allow it to form.
- * If we can sustain a break above 2948 we could target 2956/58 & perhaps as far as 2962/64.
- * However the recent pattern is for a new all time high then for prices to pull lower so it could be difficult trying to trade an upside breakout.
- * Minor support at 2920/10 & longs need stops below 2905.
- * A break below 2905 is a short term sell signal targeting 2895/90 for profit taking.
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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
20250220
