Technical Analysis DayTradeIdeas

Technical Analysis DayTradeIdeas

25 July

Gold XAUUSD

• * Gold lower again as expected after Wednesday’s bearish engulfing candle indicated 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.
• * The break below 3373 was expected & we hit the next downside target of 3365/60 which held initially as expected.
• * I’m still expecting further losses to target a buying opportunity at 3343/39 before the the end of the week.
• * Longs need stops below 3333 – targets: 3357, 3365 & even 3372 looks possible.

Silver  XAGUSD

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

• * 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.

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