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 meets resistance at 1755/60.
Silver spot tested resistance at 1915/20 with a high for the day 9 ticks above.
WTI Crude reached strong resistance at 9480/9490.
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. Strong resistance at 1770/75. Shorts need stops above 1785.
Eventually we should re-target 1740/35 then 1729/27. A break lower targets 1714/11 & 1708/07.
Silver shorts at first resistance at 1915/20 target 1880/70. Eventually a retest of the July low at 1820/10 is expected. A break below 1795 is the next sell signal.
Gains are likely to be limited with first resistance at 1915/20. Shorts need stops above 1935. A break higher can target 1950/55, perhaps as far as strong resistance at 1975/85. Shorts need stops above 2000.
WTI Crude October meets strong resistance at 9480/9490. Shorts need stops above 9550. A break higher however targets 96.50/90 & probably 100/100.50.
Shorts at at 9480/9490 target 9300/9250, probably 9200/9150/9200. If we continue lower look for 9070/50 then 8900. On further losses look for 8850/8800.
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Jason Sen, Director