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 beat resistance at 1835 very briefly before reversing half way to strong 1.5 month trend line resistance at 1845/50.
Outlook is more negative now & we could head slowly towards the lower end of the recent range around 1805/00.
Silver broke higher to the next target of 2365/70 with a high for the day. Outlook is more negative for silver now in the 1 year bear trend.
WTI Crude March longs at our buying opportunity at 8890/60 worked perfectly again for the third day with a low for the day & eventually reaching my 9150 target.
Update daily at 06:30 GMT
Gold hit first support at 1824/22 for profit taking on any shorts this morning. Holding below 1826/28 targets 1819/16. A low for the day morning is possible here but a break below 1814 is likely to target 1811/10 then 1805/01.
A break above 1830 however can target 1835, perhaps as far as 1840. Remember strong 1.5 month trend line resistance at 1845/50. Shorts need stops above 1855.
Silver has support at 2310/00 so a break below 2300 is likely to target 22650/60. We should pause here but a bounce may not happen in the bear trend. If we continue lower look for 2240/30.
Holding support at 2310/00 targets 2330/33. Unlikely but a break above 2340 can retest 2365/70.
WTI Crude March longs at our buying opportunity at 8890/60 (if they work again) target 9030/50 for a little profit taking but further gains are possible eventually to 9150 today in the longer term bull trend. Remember key 12 month trend line resistance at 9310/9330. If you think WTI Crude has run too far then a retest of this level could be your sell opportunity but you will need wide stops, I would suggest above 9390. A break higher is a buy signal as long as the move is sustained of course. Another buying opportunity at 8890/60. Stop below 8830. A break lower targets 8750/30, perhaps as far as 8610/8590.
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Jason Sen, Director