Gold, Silver And Crude Oil Commented By Jason Sen (DayTradeIdeas) - 29/08/22

Gold, Silver And Crude Oil Commented By Jason Sen (DayTradeIdeas) - 29/08/22

Silver spot tested resistance at 1915/20 with a high for the day 9 ticks above.

Crude Oil

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

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Today's Analysis.

Gold

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

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.

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