Technical Analysis DayTradeIdeas
Technical Analysis DayTradeIdeas
15 July
Video analysis:
Gold daily chart looks negative at this stage & we remain in a 4 month bear trend…as I wrote this week.
However we shot higher on a significantly weaker than expected CPI release yesterday.
Even then we made a high for the day exactly at the 6 week descending trend line going back to 29 May, at 4100 &
we have dropped over $70 over night.
We have reversed to 4070/4065 & 4050/4045 as we retest last week’s low at 4025/4020.
I do not see this as a support level so a break below here would not surprise me, targeting 4005/4000.
Although this might be a psychological round number, again I do not see it as support & if we continue lower as is
likely, look for 3988/84 then 3976/72.
A sell opportunity at 4075/4085 & shorts need stops above 4095.
Just be aware that a break higher is a buy signal for today targeting 4100, 4120 & even 4135 is possible.
Silver beat first resistance at 5760/90 with shorts stopped above 5840, hitting my next target & strong
resistance at 5900/5940.Shorts here worked perfectly as we reversed from 5965 to minor support at 5880/50.
Holding below here today in the bear trend can target 5760/5730 & even 5660/40 before a retest of the June
low at 5590/5560.
A break below here is certainly possible in the bear trend, almost expected!
Next target is 5470/5430 for profit taking on shorts.
Gains are likely to be limited with first resistance at 5970/6010 & shorts need stops above 6080.
Just be aware that a break higher is a buy signal targeting 6170/80 & 6220/30, perhaps as far as 6290.
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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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