Technical Analysis DayTradeIdeas
Technical Analysis DayTradeIdeas
11 August
Video analysis:
Gold made a Sunday opening low exactly at first support at 4322/4317 .
Shorts at strong 5 month trend line resistance at 4355/4360 then worked perfectly on the retest of first support at 4322/4317 for a 450 tick profit.
Longs here also worked perfectly for the second time yesterday as we made a low for the day exactly here & shot higher again for another 450 tick profit.
The break above the resistance at 4355/4360 in late evening was a buy signal to test the 100 day moving average at 4389.
I told you not to try shorts as I thought we would continue higher.
The break above 4394 was another buy signal targeting 4421/4425 and we reached 4434 over night.
We keep buying Gold at support levels & on breakouts above resistance and this strategy is working so well.
Bulls will want Gold to hold the 100 day moving average at 4390/86 today to target 4495/4500.
A break below 4382 however risks a slide to a buying opportunity at 4370/4365 & longs need stops below 4360.Just be aware that a break below here can target another buying opportunity at 4340/4330 & longs need stops below 4320.
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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
https://www.daytradeideas.co.uk
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