Technical Analysis DayTradeIdeas
Technical Analysis DayTradeIdeas
07 August
Video analysis:
Gold hit my target and made a high for the week exactly at strong resistance at 4290/4305, reversing from 4302.
I projected that we could fall as far as first support at 4240/4230.
Longs worked perfectly with a bounce from 4230 to 4275 on the 1st bounce, and an afternoon retest saw a bounce from 4223 to an over night high at 4261 (as I write).
Again today, longs need stops below 4220.
Of course the direction of Gold & silver today will be determined by the US Non Farm Payroll release.
A break lower targets support at 4195, perhaps as far as strong support at 4170/4160.
Longs need stops below 4145. Just be aware that a break lower can target 4130/4120.
A retest of strong resistance at 4290/4305 gives us another sell opportunity but shorts need stops above 4315.
A break higher is another buy signal for today & we could see further quick gains towards strong 5 month trend line resistance at 4355/4360.
Shorts need stops above 4375.
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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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