Technical Analysis DayTradeIdeas
Technical Analysis DayTradeIdeas
18 July
Gold XAUUSD
- * Gold remains trapped in a range as we edge slowly towards the apex of a triangle pattern which has been forming since April
- * I have to sit and wait for a breakout now which is likely to be to the upside but I will wait for confirmation.
- * The timing of the breakout is impossible to know and even the reaction is impossible to guess.
- * We tested support at 3320/15 but over ran a little to 3310 before the bounce to 3343.
- * Key support at at 3310/3300 today & longs need stops below 3290.
- * Targets: 3330, 3340 for profit taking before the weekend.
- * However a break below 3290 is a sell signal (with weekly close below 3290 for confirmation) targeting 3284/80 & even 3255/50 is possible in to next week.
- * A break above 3350 today can target resistance at 3370/75.
- * Shorts need stops above 3380 & a break higher is a short term buy signal targeting 3395/99, perhaps as far as resistance at 3405/3410.
Silver XAGUSD
- 1. Silver gave us a second buying opportunity at support at 3770/3750 on Thursday with a low of the day exactly here once again.
- 2. It’s now a low for the week so it’s been a good opportunity and longs worked perfectly on the bounce to 3815 as we close in on my target at 3825/30 for some profit taking.
- 3. In the bull trend however we could continue higher & a break above 3840 suggest further gains towards 3860/65 & 3880/3885.
- 4. Good support again at 3770/3750 & on a retest, longs need stops below the previous swing high at 3730.
5. On a break below 3720 hopes for the bull market fade and we risk a move to 3680, even as far as 3650/30.
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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
20250718
