Technical Analysis DayTradeIdeas

Technical Analysis DayTradeIdeas

05 May

Gold XAUUSD

• * Gold broke 3263/59 to hit my target & strong support at 3220/3210 exactly as predicted last week.
• * The longs at 3220/3210 are also worked perfectly as we hit my 3 targets of 3233/36 & 3245/50 & 3265 as predicted on Friday.
• * We are in a short term bear trend as prices correct to the downside easing overbought conditions, after the huge rally in early April.
  I did warn you this could happen just before it started!
• * Strong resistance at 3270/75 on Monday but shorts need stops above 3285.
• * Targets: 3260, 3250, 3240.
•  
• * Strong support at 3215/3205 today, longs need stops below 3195.
• * A break below 3195 however is a sell signal (and it likely we will see a break lower at some stage this week), initially targeting 3170/65.
• * A break below 3160 will be the next sell signal & we could fall as far as 3125/20 for profit taking on shorts.

• * In between the support at 3215/3205 & resistance at 3270/75, there are no clear trading areas, so we must be patient.
  

1. 1. Silver break below 3200 was a sell signal targeting 3170, with a low for the week just 6 ticks below here.
2. 2. Strong resistance at 3285/95 could see a high for the day but shorts need stops above 3315.
3. 3. Targets: 3245, 3215.
4. 4. Support at 3170/50 & longs need stops below 3125.
5. 5. Targets: 3200, 3230.
6. 6. However a break below 3125 then sees 3150/70 acting as resistance to target 3080/3060.

WTI Crude JUNE future
Last session low & high: 5774 – 5987
(To compare the spread with the contract that you trade).

WTI Crude broke 6150 for a sell signal targeting 5990/70, 5920/00, 5880/50 and even 5700/5680 for up to 450 ticks profit on that 1 trade last week.

However an unexpectedly strong bounce recovered all the losses on Friday.

First resistance at 5950/90 but shorts need stops above 6020.
Targets: 5850 & 5800.

A break above 6020 can target 6060/6080 & perhaps as far as strong resistance at 6130/6170.

Shorts need stops above 6220.
Targets: 6080, 6000

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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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