Technical Analysis DayTradeIdeas

Technical Analysis DayTradeIdeas

16 April

Gold XAUUSD

• * Gold held strong support at 3220/3216 through most of the day in a very quiet session, although dipped to 3211 briefly at lunchtime.
• * After 2 days of the expected consolidation Gold beat the all time high at 3245 over night for a new buy signal to hit the next target of 3255/60
• * The break above 3260 has already hit the next target of 3271/74 & I expect to see 3280/83 before the end of the day.
• * Above 3285 look for 3300/3304.
• * Support at 3247/43 & longs need stops below 3233.
• * A break lower retests 3219/15 & longs need stops below 3209.

Silver  XAGUSD

1. 1. Silver holding above 3230 is a buy signal for this week targeting 3245/50 (hit as I write this morning) & even 3270/75 is likely.
2. 2. Support at 3170/50 & longs need stops below 3130

WTI Crude MAY future
Last session low & high: 6088 – 6206
(To compare the spread with the contract that you trade).

WTI Crude held a small range inside of Monday’s range.

A break above Monday’s high of 6268 can retest minor resistance at 6340/80. Shorts need stops above 6420. A break higher can target 6550/6590 for profit taking on longs.

Minor support at 6080/40 but below here can target risks a retest of support at 5940/5900. Longs here need stops below 5830. A break below 5830 could hit 5700/5680.

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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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20250416