Technical Analysis DayTradeIdeas
Technical Analysis DayTradeIdeas
29 January
Gold XAUUSD
- * Gold rises for the 9th day in a row, with over 20% gains.
- * On Tuesday we hit next targets of 5128/5130, 5145/46, 5165/68 & ran as far as 5234
- * Yesterday we hit all targets to 5310/15 & ran another $280 for a new all time high at 5591.
- * I am a trend follower and this strategy has kept us long in Gold for the whole move, while most other retail traders are trying to pick a top in the market & adding to the short squeeze conditions.
- * However this parabolic move cannot be sustainable.
- * It feels like the last desperate buyers or shorts getting squeezed out before an inevitable collapse.
- * But to pick a top would be incredibly foolish – this market could continue higher & there’s definitely no sell signal.
- * Targets are 5731/35, 5765/70, 5795/99, 5820/22.
- * If we continue higher look for 5838/41 & even 5880/5890 is possible.
- * If a collapse does get triggered, I am not expecting a warning, but do watch for bearish engulfing candles on the H1 & H4 charts.
- * Any sell off today meets support at 5110/5080 & longs need stops below 5030.
Silver XAGUSD
- 1. Silver held above 106.50/106.00 to trigger a retest of the new all time high at 117.69 exactly as predicted.
- 2. Yesterday’s break below 112.50 triggered the expected move to my downside target of 111.20/110.70, with a low for the day a fraction below at 110.48.
- 3. We climbed steadily from here & the break above 117.69 has triggered a new buy signal, targeting 119.80, 121.20, 122.20, 123.30, 124.90.
- 4. However bulls must hold prices above 116.10/115.50 to remain fully in control today.
- 5. Longs need stops below 114.50 & a break below here would risk silver establishing a sideways consolidation in the days ahead.
6. At this stage it could trigger losses towards 107.00/106.00.
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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
https://www.daytradeideas.co.uk
20260129
