Technical Analysis DayTradeIdeas
Technical Analysis DayTradeIdeas
Gold XAUUSD
- * Gold a low for the day exactly at minor support at 3941/37 & a good bounce as we hit my $3995/4005 target.
- * An easy 550 tick profit on the day.
- * We are so extremely overbought but without a sell signal we have to assume the bulls will continue to push higher towards 4010 & 4016, perhaps as far as 4020/22.
- * Eventually 4035/40 is possible.
- * Failure to beat 4000 & a move below 3988 is less positive for this morning & risks a slide to minor support at 3975/70.
- * Longs need stops below 3960 & a break below here could trigger a retest of yesterday’s low at 3941/40.
Silver XAGUSD
- 1. Silver broke first support at 4815/4800 & longs stopped below 4790.
- 2. We tested the buying opportunity at 4765/45 & longs were held above 4720.
- 3. We are climbing back towards minor resistance at 4800/4815, which is key to direction this morning.
- 4. Failure to beat this area could leave us ranging down to support at 4765/45.
- 5. A break above 4825 (which of course is always possible eventually in the longer term bull trend) targets 4850/55 then 4875/85.
- 6. If we continue higher look for 4925/30 & 4945/50.
- 7. First support at 4815/4800 & longs need stops below 4790.
- 8. Again longs need stops below 4720.
9. Unlikely but if we do happen to experience a significant correction today, look for strong support at 4700/4680. Longs need stops below 4655.
WTI Crude November future
Last session low & high: 6072- 6211
(To compare the spread with the contract that you trade).
WTI Crude broke support at the lower end of the range (6250 – 6150) for a sell signal.
Prices collapsed as far as 6040. Further losses look likely towards 5990/70, perhaps as far as 5880/60 this week.
Gains are likely to be limited with resistance at 6160/6200.
We made a high for the day here for the last 2 sessions so it its definitely working for scalping opportunities.A break higher this time meets a sell opportunity at 6260/80 & shorts need stops above 6305.
It’s not the smartest traders who succeed, nor those who work the longest hours. It’s traders who learn how to control their emotions.
Learn my trading psychology secrets to gain emotional stability in my FREE 5 day challenge!
Sign up now: https://bit.ly/3RtFyZZ
Join my free telegram group for analysis and signals.
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
20251008
