Technical Analysis DayTradeIdeas
Technical Analysis DayTradeIdeas
29 July
Video analysis:
Gold has traded sideways for a month in a range from the June low of 3943 up to Fibonacci resistance at 4160/4170.
We remain right in the middle of that range in very quiet conditions, with little movement yesterday. We reversed again (which is to be expected in a sideways consolidation of course) to retest Friday’s low.
We broke below the 10 day ascending trend line minor support at 4047/4042 to target 4023/4019, reaching 4010.
We are now ranging from here back up to that 4042/4047 (we made a high for the bounce here in the afternoon).
We will probably keep reversing and remain in a sideways trend.
Bear in mind the Fed rate meeting today – a move is not expected but there may be expectations of a September rate hike.
If this is talked about it could push Gold lower. A break below 4008 can target 4005, 3999 & even 3984/3980.
A break above 4050 (above minor resistance at 4042/4047) can target stronger resistance at 4065/4070.A high for the day is possible but shorts need stops above 4076.
Daily technical analysis & precision signals from a 40 year trading veteran at
https://www.daytradeideas.co.uk/
Join my free telegram group for analysis and signals.
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.
Please email me if you need this report updated or Whatsapp: +66971910019 – To subscribe to this report please visit daytradeideas.co.uk or email jason@daytradeideas.co.uk
Jason Sen, Director
https://www.daytradeideas.co.uk
20260729
