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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Gold Spot holding first support at 1790/85.
Silver longs at first support at 2030/10 with a low for the day exactly here & a bounce to 2086.
WTI Crude unfortunately did not quite reach strong resistance at 9550/9600 before prices turned lower.
Remember when support is broken it usually acts as resistance & vice-versa.
Update daily by 05:00 GMT
Gold first support at 1788/85 holding the downside on Thursday & Friday. Best support at 1780/75 today. Longs need stops below 1770. A break lower is a sell signal targeting 1765 & 1760.
We could have strong resistance at 1804/08. A break above 1813 however targets 1828/31.
Silver longs at strong support at 2030/10 hit my targets of 2060 & 2080, with a high for the day here. Above 2090 this week look for strong resistance at 2140/60. Shorts need stops above 2180. A break higher is a buy signal targeting 2190 & 2240.
Strong support at 2030/10 of course, but longs need stops below 2000. A break lower is a sell signal targeting 1980 & 1950.
WTI Crude September meets very strong resistance at 9550/9600. Shorts need stops above 9700.
Shorts at 9550/9600 target 9300/9250. On further losses look for 9050/9000 before a retest of 8750/8700. A break below 8700 can target 8550/00.
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Jason Sen, Director