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 shorts at resistance at 1833/38 targets 1828/26 then 1818/15 & we could now be on the way to the next target of 1800. Further losses could retest this week’s low at 1878/86. (I do not know why we saw a bounce from here, other than we are severely oversold).
Strong resistance at 1835/40. Shorts need stops above 1845. Strong resistance at 1850/55. Shorts need stops above 1860.
Silver made a high for the day exactly at strong resistance at 2180/2200. Shorts need stops above 2210. A break higher is a buy signal targeting resistance at 2260/70.
Shorts at strong resistance at 2180/2200 target 2130/20. If we continue lower look for 2100/2090. Below 2080 risks a slide to to the 200 week moving average at 2030/20.
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Jason Sen, Director