Technical Analysis DayTradeIdeas

Technical Analysis DayTradeIdeas

05 February

Gold XAUUSD

• * Gold headed for strong resistance at 5100/5150 exactly as predicted.
• * We wrote: This will be key to direction now & shorts need stops above 5200.
• * This proved top be correct & it certainly was key to direction with a high for the day only $8 below the sell level.
• * Gold then immediately fell as far as my target of 4880/4860 for profit taking on any shorts.
• * We then made a low for the day exactly at support at 4880/4840 & shot higher to 5023 for a potential 1500 tick profit on this trade.
• * Try longs here again today with stops below 4795.
• * A break lower today however can target 4690/4670.
• * Resistance again at 5100/5150 & shorts need stops above 5200.

• * Just be aware that a break above 5200 can target 5310/5330.

Silver  XAGUSD

1. 1.Silver hit resistance at 9050/9150 & our short positions here worked perfectly on the collapse from 9220.
2. 2. In fact prices collapsed almost as far as support at 8320/8220, with a low for the afternoon only a little above here at 8388
3. 3. Resistance at 9050/9100 today & again, shorts need stops above 9230.
4. 4. A break above 9230 can target 9600/9650.
5. 5. For today we should have support again at 8320/8220 & longs need stops below 8100.
6. 6. Targets for the bounce: 8500, 8600, 8700.

7. However a break below 8100 risks a slide to 8030 & 7830/7800.

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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

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