Jason Sen - Day Trade Ideas

Silver is testing the lower trend line on the 4 hour chart around 5735/15 & just holding above it...so a break below 56.90 could trigger further losses towards 5670/5660 this afternoon.

Gold reverses again, wiping out yesterday's gains...whilst that is not unexpected in the sideways trading conditions, it's tough to pinpoint the level & the timing of each reversal, as we did not manage to reach a trend line

Today's trading summary

Emini S&P SEPTEMBER futures made a low for the week exactly at Fibonacci support at 7330/7325. As stated yesterday, this was key to direction. Longs at support at 7330/7325 targeted  7400/7410 for profit taking. The break above 7420 was a buy signal targeting 7450/55 but we ran as far as Wednesday's high, recovering the whole loss. Now that we have held that Fibonacci support, bulls are back in control (after Wednesday's shake out). A break above 7505 can target 7516/19 & a break above 7521 can target the 7552/7562 zone. If we cannot break above the 7505/7515 band we can target 7475/70. A break below 7460 risks a slide to 7430/20.

31 July Gold XAUUSD   Gold has traded sideways for a month in a range from the June low of 3943 up to Fibonacci resistance at 4160/4170. We remain right in the middle of that range with little movement yesterday. Prices held in the upper half of Wednesday's range. If you look at the candles on the daily chart - we move up one or 2 days then, down 1 or 2 days in the sideways trend....and this is likely to continue for a while unfortunately. The range this week has been the smallest for 2 months and we have held well inside of last week's range. Unfortunately this means there are limited trading opportunities. Trend line resistance at 4145/4155 & shorts need stops above 4170, because we also have Fibonacci resistance at 4166. A break higher should be a buy signal. Lower trend line support at 3976/66 but below here can retest the June low at 3945/42. Unfortunately I cannot suggest any trades inside the sideways channel at this stage.

Yen trades were in profit yesterday until: Japan intervened in the foreign exchange market by selling USD and buying yen after the exchange rate fell to its lowest level in nearly 40 years, surpassing 163 JPY/USD. This move aims to curb the yen's depreciation and reduce inflationary pressure from rising import costs. 🇰🇷 South Korea also joined in supporting the won, helping the yen achieve its strongest session gain in nearly two years.

Today's trade ideas (posted daily for Telegram subscribers). daytradeideas.co.uk

UPDATE: Emini Dow Jones breaks yesterday's low at 52290 & Monday's low at 52173, which risks a slide to 51810/780 & even as far as last week's low at 51720, with Fibonacci support at 51650/600.  A daily close below 51500 is a short term sell signal for tomorrow initially targeting 51300/270.

Gold traders worry about today's FOMC rate decision. https://youtu.be/E5mx8WZwIbo

WTI Crude September futures. Last session low & high: 7778 - 8243 (To compare the spread with the contract that you trade). WTI Crude September futures lower initially yesterday to my target of 7880/7840 before we made a low for the day only 48 ticks above minor support at 7730/7700. Over night we have jumped back to Tuesday's high through 8240/8280 to the next target & resistance at 8320/8360. Shorts need stops above 8450 & a break higher targets 8540/8470. Holding resistance at 8320/8360 targets 8240/10, perhaps as far as 8170/40. A break below 8090 can target 8010/7990 & 7880/7840.    We could have resistance at 8240/8280 but above here can target resistance at 8320/8360.

Gold XAUUSD   Gold has traded sideways for a month in a range from the June low of 3943 up to Fibonacci resistance at 4160/4170. We remain right in the middle of that range in very quiet conditions, with little movement yesterday. We have 10 day ascending trend line minor support at 4047/4042. A break below 4039 therefore risks a slide to 4023/4019. If we continue lower look for 4005. We have 1 week descending t minor rend line resistance at 4083/4088. A break above 4093 however can target 4102/05 & 4115.

Silver 1 hour chart

28 July Gold XAUUSD   Gold has traded sideways for a month in a range from the June low of 3943 up to Fibonacci resistance at 4160/4170. We remain right in the middle of that range in very quiet conditions, with little movement yesterday. We have 10 day ascending trend line minor support at 4047/4042. A break below 4039 therefore risks a slide to 4023/4019. If we continue lower look for 4005. We have 1 week descending t minor rend line resistance at 4083/4088. A break above 4093 however can target 4102/05 & 4115.

Gold 1 hour chart

40 pips profit so far for today

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Today's trade starting to show a profit