Technical Analysis DayTradeIdeas
Technical Analysis DayTradeIdeas
19 August
Video analysis:
Gold XAUUSD:
We are stuck in a 5 day sideways range from 4310 to 4449 & we are likely to hold this range for a while longer, especially as the last 2 weeks of August are usually very quiet.
We headed lower yesterday, reversing again & wiping out Monday’s gains, keeping that up one day, down the next day pattern, in the sideways trend.
We broke support at 4355/4345 & should have a sell opportunity at 4355/4365 today – shorts need stops above 4375.
Targets: 4335/30 & 4310/05 for profit taking on shorts.
A break higher tests the 100 day moving average at 4385/4390.
Above here we may retest recent highs at 4420/4430.Just be aware that a break below 4305 today completes a short term double top sell signal & could trigger further losses as far as 4220/4210 (eventually).
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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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