Technical Analysis DayTradeIdeas
Technical Analysis DayTradeIdeas
23 September
Video analysis:
GOLD TRADERS!! GET READY FOR THE BREAKOUT.
Gold XAUUSD
Gold remains stuck in a 5 week triangle pattern – Testing resistance at 4360/4370 try shorts & stop above 4380 – a break higher is a buy signal
Gold is also stuck in a range from 4510 down to 4235, since the 28th of August.
Yesterday’s break below 4335 worked this time, triggering the expected move to targets of 4318/15 & minor support at 4302/4297.
(I was looking for this move on Monday so was happy to see it play out yesterday for a potential $30 profit).
We wrote: ”A bounce from here is not out of the question, especially as you do not seem to be able to sustain a move in one direction for a significant period of time. Long positions need a stop below 4290.”
This trade also worked perfectly with a low for the day at 4292 before we shot higher to 4343 & eventually resistance at 4365/4375 over night.
Shorts are already working.
We do have resistance from the 100 period moving average on the four hour chart, which is tracking closely to a a trend line going back to the 25th of August.
Today this area is at 4360/4370 so it should be worth trying a short (if you are not already short at 4365/4375) with STOP above 4380.
A sustained break above 4380 would then be a buy signal initially targeting 4410/4415 for a quick profit.
A break above 4415 can target 4430/4435 & even 4440.
Just be aware that a break above 4444 can target 4460/4465 for profit taking on long positions.
Shorts at 4360/4370 can target 4340/4335, then 4323, perhaps as far as 4318/4315.
A break below 4318/15 can retest minor support at 4302/4297.
A bounce from here is not out of the question, especially as you do not seem to be able to sustain a move in one direction for a significant period of time.
Long positions need a stop below 4290…. Just be aware that a break lower can target 4270.
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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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