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 bounced from 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.
We wrote: Now we have a bullish engulfing candle buy signal so further gains are expected to 1725/27 & probably as far as 1735/38. – Targets hit with a high for the day exactly here in fact.
Silver shorts at resistance at 1895/1905 worked perfectly on the slide to 1850 & 1821.
Silver then bounced in line with Gold leaving a double bottom buy signal with a hammer candle for confirmation.
WTI Crude could be forming an inverse head & shoulders with neck line at 100.00/100.50.
Remember when support is broken it usually acts as resistance & vice-versa.
Update daily by 05:00 GMT
Today’s Analysis.
Gold higher again as predicted to my 1735/38 target with a high for the day exactly here. Prices then dropped nearly 20 points but outlook remains positive at this stage. Holding first support at 1727/25 targets 1735/38. Above 1740 look for 1753/55 this week.
Downside is expected to be limited with support at 1727/25 but better support at 1715/10. Longs need stops below 1705.
Silver made a high for the day at 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 (a low for the day exactly here om Friday), before a retest of 1820/10.
WTI Crude September 100.00/100.50. A break above 101.00 is a buy signal targeting 103.00/50, perhaps as far as 106.00/50.
Minor support at 9630/00 & again at 9480/40. A break lower can target 9330/00.
Please email me if you need this report updated or Whatsapp: +66971910019 – To subscribe to this report please visit daytradeideas.co.uk or email jason@daytradeideas.co.uk
Jason Sen, Director
https://www.daytradeideas.co.uk
20220725
