Technical Analysis DayTradeIdeas
Technical Analysis DayTradeIdeas
28 August
Video analysis:
Gold will react to Warsh speech today on interest rates.
Silver XAGUSD
Silver just consolidated sideways again yesterday for the 5th day, still holding inside of Tuesday’s range.
Longs at 6775/6750 worked perfectly yet again, with a low for the day at 6765, hitting all targets of 6825, 6860, then 6890 & as far as 6930/6940 for profit taking.
A high for the day just a little above here at 6969 so we caught most of the range, which is as good as it gets, especially in such quiet conditions.
Longs need stops below 6735 again today on a retest of support at 6775/6750.
A break lower can target a mega buying opportunity at 6655/6640.
There is a good chance of a low for the day here but longs need stops below 6610.
Longs at 6775/6750 can retarget 6825 & 6860, then 6890 & perhaps as far as 6930/6940 for profit taking.
We are likely to stay in a sideways range for a while longer, which means we will have low volatility and prices will keep reversing, so don’t be greedy and take profits quite quickly!!
Further gains can retest resistance at the 6980/6990 highs. A break above 7000 is a buy signal targeting 7110/7130.
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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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