Technical Analysis DayTradeIdeas
Technical Analysis DayTradeIdeas
25 May
- * Gold barely moved last week, but the short term scalping strategy worked as Gold moved back and forth to the trading levels.
- * We held a range of only $136, one of the smallest ranges for a long time and we closed last week near the Sunday night opening.
- * Again on Friday we kept reversing to my 4525/15 level.
- * However as I write it appears that progress is being made in the Iran war and if progress continues, I would expect Gold to push higher.
- * A break above Friday’s high of 4545 can target minor resistance at 4572/77.
- * A break above last week’s high at 4588 can target 4600/4605.
- * If we continue higher look for minor resistance at 4645/55.
- * A break above 4670 should be a buy signal targeting 4710/4720.
- * However a break below the 2 day low at 4491/4489 targets 4480/70 before a retest of last week’s low at 4457/52.
- * On a break lower look for 4430/4420.
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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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