Technical Analysis – DayTradeIdeas
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.
Gold Spot broke lower to my next target of 1690/85 with a low for the day exactly at my buy opportunity at 1680/75. Longs worked perfectly on the bounce to my target of 1705/10 for an easy 25-30 point profit. The bullish engulfing candle on the daily chart is buy signal.
Silver shorts at resistance at 1895/1905 worked perfectly on the slide to 1850 & 1821.
Silver bounced in line with Gold yesterday leaving a double bottom buy signal with a hammer candle for confirmation.
Gold broke lower as expected to hit my next target & strong support at 1680/75 for profit taking on shorts. Longs here also worked perfectly reaching my target of 1705/10. Now we have a bullish engulfing candle buy signal so further gains are expected to 1725/27 & probably as far as 1735/38.
Downside is expected to be limited with support at 1699/96. However below 1690 risks a retest of the buying opportunity at 1680/75.
Silver held 5 ticks from first resistance at 1895/1905 on the bounce. Resistance is higher today at 1910/20 but shorts are more risky after the double bottom – a break above 1930 is a buy signal targeting 1975/85, perhaps as far as strong resistance at 2010/30.
Holding 1910/20 risks a slide to 1860/50, before a retest of 1820/10.
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Jason Sen, Director