Daily analysis by DayTradeIdeas - 06/07/2022

Daily analysis by DayTradeIdeas - 06/07/2022

Gold Spot lower at last, I have been calling for this move for a long time, but as always timing is impossible to know! Shorts at first resistance at 1811/15 certainly worked with a high for the day here. We hit 1802/00 for profit taking. The break below 1797 then targeted 1790 & support at 1786/83. Well done if you managed to short again on the break below 1797.

The break below 1780 is another sell signal.

Silver lower too as expected - we broke key support at 2050/45 for an important sell signal with a good bounce which held in between resistance at 1995/2000 & 2040/50 before the expected collapse towards my target of 1900, perhaps as far as 1880/60 today.

Gold collapsed from resistance at 1811/15 targeting 1802/0, 1790 & support at 1786/83. The break below 1780 is a sell signal targeting 1763/60 & 1755/53. On further losses look for 1745.

Gains are likely to be limited with resistance at 1780/85. Shorts need stops above 1790.

Silver broke key support at 2050/45 for an important sell signal with steep losses as predicted to 2000 & 1950/45 & almost as far as 1900. Outlook remains negative. Next target is 1880/60 as we become oversold.

Gains are likely to be limited but a move above 1940 can target resistance at 1985/95.

USDJPY is either consolidating gains in the strong bull trend or forming a topping a head & shoulders pattern. Support at 135.00/134.80. Longs need stops below 134.60. A break lower is a sell signal targeting 134.30 & 133.70.

First resistance at 135.60/80. Shorts need stops above 136.00. Further gains obviously meet resistance at the high of 136.70/137.00. A break higher should be a buy signal in the bull trend, but I will wait to see what the daily candle looks like before calling it.

EURJPY totally confused me on Monday with that full recovery of Friday's losses. The break of support at 139.70/50 is a sell signal targeting 138.80/70, probably as far as 138.00/137.80. Further losses are likely eventually to 136.80/60.

First resistance at 139.55/75. Shorts need stops above 139.95.

Jason Sen

Jason Sen

Jason Sen began his career in the options pits on the trading floor of LIFFE in 1987 at the age of 19, making markets on his own account. In 2001 when the trading floor closed he successfully made the transition to day trading on computer screens. Jason used technical analysis throughout his trading career and formed Daytrdeideas.co.uk which established itself as the leading provider of daily technical analysis to independent and professional traders within the investment bank community. He advises dozens of traders at up to 15 major investment banks and hedge funds on market movement throughout each trading day on The Bloomberg Professional® service. Jason Sen also provides trade ideas with entry, exit and target levels on Telegram & in daily reports to retail traders. daytradeideas.co.uk