Technical Analysis DayTradeIdeas
Technical Analysis DayTradeIdeas
01 July
Video analysis:
Gold XAUUSD
Gold broke last week’s low at the 3970/60 target as expected.
We hit a new low at 3943 but then reversed for a short term recovery which was stronger than expected.
We beat resistance at 3960/3970 & shorts stopped above 3985 to target 4000/4010 & resistance at 4044/4049.
Unfortunately we spiked above 4055 before collapsing from 4062, which was frustrating.
We have collapsed again as expected back to 4020/16, 3990/3980 & are about to retest last week’s low at 3970/60
Again, I do not see this as an important support level.
Just be aware that a break below here this week can target 3930/3920 (we got close yesterday) then 3890/3880.
Eventually a move as far as 3870/60 is possible.
Gains are likely to be limited with first resistance at 4005/4010 & shorts need stops above 4015.I expect strong resistance at 4040/4050 & shorts need stops above 4060.
Silver XAGUSD
Silver made a high for the day exactly at my sell opportunity at 6045/6075 & shorts worked perfectly as we collapsed to 5970/50, 5900/5880 and 5790/5760 over night.
Outlook remains negative in the bear trend of course & a retest of last week’s low at 5590/5550 is looking more likely despite yesterday’s short term recovery.
Further losses this week meet 4.5 month trend line support at 5465/5425.
I would not say that this is strong support and as we gain momentum to the downside longs could be risky. If you want to bet on a bounce then use a stop below 5390.
Of course a break below here then sees 5425/5465 act as a resistance targeting 5370/50 & 5320/10, probably as far as 5250/5240.
Below here look 5190/5170.
Again gains are likely to be limited in what I think is a short term bear flag pattern.
Minor resistance at 580/5850 & shorts need stops above 5890.A break higher meets my sell opportunity at 6045/6075 & shorts need stops above 6120.
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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
https://www.daytradeideas.co.uk
20260701
