Technical Analysis DayTradeIdeas

Technical Analysis DayTradeIdeas

09 October

Gold XAUUSD

• * Gold pushed higher to my next targets of 4020/22 & 4035/40.
• * Despite being severely overbought there is no indication that the rally will end at this stage, although I am starting to be very cautious.
• * I would not be at all surprised to see a sudden and severe bout of profit taking But I can’t think about a short position without a clear signal.
• * Support at 4005/4000 & longs need stops below 3990.
• * Targets: 4020, 4030, 4040.
• * A break lower targets 3970/65 with strong support at 3961/56.
• * Targets: 3970, 3980, 3990. Longs need stops below 3946.

• * A break above 4061 targets 4085/88 & 4100/4105, perhaps as far as 4116/19.

Silver  XAGUSD

1. 1. Silver longs at the buying opportunity at 4765/45 worked on the break above 4825 hitting the next targets of 4850/55 then 4875/85.
2. 2. In a big move we made it as far as the other 2 targets of 4925/30 & 4945/50.
3. 3. A high for the day almost exactly here in fact at 4957.
4. 4. However longs at first support at 4815/4800 were stopped below 4790 before we shot higher to yesterday.
5. 5. Another deep pullback to support at 4765/55 it is possible today & longs need stops below 4720.
6. 6. Targets: 4835, 4855, 4875,
7. 7. Further losses meet a buying opportunity at 4655/35 & longs need stops below 4590.
8. 8. Targets: 4720, 4770, 4820

9. A break above 4961 targets 5000/5010 then 5040/50.

WTI Crude November future
Last session low & high: 6205- 6292
(To compare the spread with the contract that you trade).

WTI Crude held resistance at 6160/6200 for 2 days & offered good scalping opportunities but broke higher yesterday to meet a sell opportunity at 6260/80 & shorts worked perfectly as prices collapsed from 6292 to 6178.

Minor support at 6200/6170 & longs need stops below 6154 Another sell opportunity at 6260/80 & shorts need stops above 6305.

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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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Jason Sen, Director

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