Technical Analysis DayTradeIdeas
Technical Analysis DayTradeIdeas
22 July
Video analysis:
Gold XAUUSD
Gold had a buy signal yesterday after we broke above the 7 week descending trend line, as this gave us a more positive outlook for yesterday, despite the medium term bear trend.
The break above 4070 was expected to target 4095/4100 & eventually 4160 on this breakout move.
We are almost there as we push higher over night to 4141…but note that the 200 period MA on the 4 hour chart has a value of 4137…so if you have run longs over night it is worth taking at least some of the profit now.
Note that support at 4045/4035 worked perfectly on the pullback from 4084 yesterday.
We meet strong resistance at 4160/4170 & when you bear in mind that we are in a bear trend, we may see a high for the day here but shorts need stops above 4180.
A break higher is a buy signal targeting 4220/4230 then 4248/53.
If we reverse from 4137/4141 we meet first support at 4100/4190 & longs need stops below 4185.A break lower meets strong support at 4074/4069 & longs need stops below 4060.
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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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