Technical Analysis DayTradeIdeas

Technical Analysis DayTradeIdeas

24 July

Gold XAUUSD

• * Gold initially beat 3390 for an important buy signal hitting targets of 3393, 3400, 3405 & 3420/3425.
• * However Gold unexpectedly collapsed from 3438 breaking strong support at 3410/07.
• * The break below 3400 hit the downside target of 3389/87 & we fell as far as 3375.
• * The false breakout fooled me & yesterday’ bearish engulfing candle indicates a bull trap meaning further losses are expected in to the end of the week.
• * We now have resistance at 3389/93 so could see a high for the day here on any short term recovery.
• * Shorts need stops above 3398.
• * A break below 3373 is more likely & targets 3365/60.
• * A low for the day is certainly possible here in short term overbought conditions – it’s a little risky & longs need stops below 3355 but if the level holds we could see a good bounce to 3374 & as far as 3385, so it could be worth the risk.
• * Just be aware that a break below 3355 targets a buying opportunity at 3343/39.
• * Longs need stops below 3333 – targets: 3357, 3365 – 3372 looks possible.

• * Just be aware that if Gold unexpectedly beats 3398 we can target 3405/08 but unlikely any further.

Silver  XAGUSD

1. 1. Silver unexpectedly collapsed from 3952 & broke back below 3915/10 so bulls have lost control & longs in the short term.
2. 2. We just made an over night low 2 points above the support at 3875/70.
3. 3. However I think this level will be broken at some stage today & we will continue lower towards better support at 3853/48.
4. 4. A low for the day is likely here but longs need stops below 3840.
5. 5. Targets: 3864 & 3873 for profit taking.

6. Just be aware that a break below 3840 risks a slide to 3800/3790.

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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

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20250724