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 1765 for a sell signal targeting 1740/35 this week.
Silver breaks back below support at 2030/10 to turn the outlook negative again.
WTI Crude crawls higher, but difficult to hold longs. We could reach strong resistance at 9460/9500. Shorts need stops above 9550.
Remember when support is broken it usually acts as resistance & vice-versa.
Update daily by 05:00 GMT
Gold outlook negative so we are looking to sell at resistance on any bounce. First resistance at 1755/60. Unlikely but if we continue higher look for strong resistance at 1770/75. Shorts need stops above 1780.
Prices are expected continue lower this week initially targeting 1740/35 then 1729/27 & perhaps as far as 1715/10.
Silver collapsed from resistance at 2020/30 as expected hitting my targets of 1980, 1960/55 & 1920/15. Further losses are expected to 1880/70 & eventually a retest of the July low at 1820/10. A break below 1795 is the next sell signal.
Gains are likely to be limited with first resistance at 1940/50. Shorts need stops above 1965. Se 2000/20. Shorts need stops above 2040.
WTI Crude September minor resistance at 9150/9200 but above here we could reach strong resistance at 9460/9500. Shorts need stops above 9550. Holding minor resistance at 9150/9200 (in what is probably a bull flag pattern) targets 9070/50 then 8900. On further losses look for 8850/8800.
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Jason Sen, Director