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 establishing a sideways range probably a bear flag, from 1690/85 up to resistance at 1932/36. We also have 1715/18 acting as a level in the middle. Scalp while wait for a break.
Silver forming more of a rising wedge, which is still a negative pattern, so we wait for the break lower.
WTI Crude beat strong resistance at 8500/8550 & shot higher to 8720.
Remember when support is broken it usually acts as resistance & vice-versa.
Update daily by 05:00 GMT
Gold same levels apply for today with minor resistance at 1715/18. A break above 1720 can target 1726. Further gains meet resistance at 1932/36 in the sideways trend. Shorts need stops above 1740.
Minor support at 1707/04. A break below 1702 risks a slide to 1691/88 & perhaps as far as very important support at 1680/70. Longs need stops below 1660.
Silver minor resistance at 1875/85 tests on Friday. A break above 1900 this week can target 1920/30. Unlikely but if we continue higher expect strong resistance at 1970/80.
Trend line support at 1880/70. A break below 1860 is the sell signal breakout of the rising wedge.
WTI Crude October strong resistance at 8700/8800. Shorts need stops above 8850.
Shorts at 8700/8800 target 8650, perhaps as far as 8550/8500 for profit taking.
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Jason Sen, Director