Technical Analysis DayTradeIdeas

Technical Analysis DayTradeIdeas

12 February

12 February

Gold XAUUSD

• * Gold pushed higher through 5094 as hoped, albeit slower than I expected – we can continue to target 5130/5140 for profit taking on any longs.
• * A high for the day is possible here although that is far from certainly so i would not be too comfortable in a short position.

• * We should still have support at 5010/4990. Longs need stops below 4975.

Silver  XAGUSD

1. 1. Silver break above 8000 was a buy signal targeting 8300 & minor resistance at 8600 for profit taking on any remaining longs.
2. 2. A slow move, but we did hit my target perfectly, with a high for the day at 8628 for up to 600 ticks profit on the long trade.
3. 3. Yesterday I said there may be a short term correction from 8600 & the short worked perfectly on the collapse from 8628 to 8224 & then 8169 over night, as I write.
4. 4. So already after the 600 ticks profit on the long trade, we have up to 400 ticks profit, making a total of 1000 ticks so far this week.
5. 5. I am certainly happy with that!
6. 6. Our longs at support at 7900/7750, with stop below 7600 worked & could work again on a retest at the end of the week.
7. 7. Watch this support again today.

8. A break below 7600 however is more negative & can target 7430/7400, perhaps as far as 7190/7160.

WTI Crude March futures.

WTI Crude futures reversed again (haha) & shot higher towards resistance at 6620/6660, although we stopped short at 6583.

Today shorts need stops above 6720.We should have strong support at 6420/6380 & longs need stops below 6310.

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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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