Technical Analysis DayTradeIdeas
Technical Analysis DayTradeIdeas
05 August
Video analysis:
Gold is pushing higher for the 3rd day in a row, which we have not seen for 5 weeks.
Gold beat minor trend line resistance at 4090/4100 to target last week’s high at 4119/4120.
We are testing minor resistance at the 1 month descending trend line at 4135/4140.
A sustained break above 4140 tests Fibonacci resistance at 4160/4170.
The rally is taking baby steps at the moment as we tackle the minor resistance levels.
I am hoping this is the start of a bullish breakout so maybe shorts are too risky.
A break above 4175 should be a medium term buy signal and hopefully we can run up quite quickly – initially to 4210/4215.For now I will hope that this is the start of a bull run and therefore I will suggest buying at minor support at 4095/4090 & longs need stops below 4085.
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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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