Technical Analysis DayTradeIdeas

Technical Analysis DayTradeIdeas

03 November

Gold XAUUSD

• * Gold is trading in a 4 day sideways consolidation & probably forming a bear flag (a negative pattern which

should eventually lead to a break below the 3 day low) with resistance at 4050/4060

• * Shorts need stops above 4080.

• * Targets: 4025, 4015.

• * A break above 4080 this week is a buy signal targeting 4100/4105 & even 4125/30 is possible.

• * On the downside we have support at 3955/45. Longs need stops below 3940.

• * A break lower should be a sell signal & we should resume the downside correction from here to test

support at 3910/3900.

• * Longs need stops below 3885.

• * A break lower is a sell signal & initially targets 3875/70 then 3845/40 is possible.

• * We could even reach as far as 3815/05

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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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