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 dipped lower from the inverse head & shoulders neck line at 1670/72, initially holding support at 1662/58 but eventually bouncing from 1 point above second support at 1653/50. I still think the outlook is positive & eventually we will break above 1675. A weekly close above here would obviously be a buy signal for next week.
Silver inside day means same levels apply for today but I favour a move higher eventually.
WTI Crude December we got the breakout with the buy signal above 8650 initially targeting 8800 & 8900/8920 as predicted.
Gold still holding resistance at the inverse head & shoulders neck line at 1670/72. A break above 1675 today would be a buy signal initially targeting 1684/87. Above 1690 look for 1710/15.
Downside should be limited as we start to build a recovery after the bullish double bottom. First support at 1662/58 could hold better than it did yesterday but below here can target meets second support at 1653/50. Longs need stops below 1645…a break below here kills the recovery prospects & risks a slide to 1640 then 1630 today.
Silver longs at support at 1885/75 work on the bounce to 1945 & first resistance at 1970/80. Be ready to buy a break above 1985 targeting 2030/35 & perhaps as far as 2080/90.
First support at 1945/40, second support at 1923/18 – with a low for the day at 1926 yesterday. A break below 1910 is a sell signal for today, targeting 1885, perhaps as far as 1860.
WTI Crude December buy signal on the break above 8650 initially targeting 8800, 8900/8920 & then 8960/80 yesterday. A high for the day exactly here in fact. Above here today targets 9080/9100. First support at 8750/8700. Longs need stops below 8600.
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Jason Sen, Director