Gold beat the 14-day high at 2,638/39 for a buy signal hitting my target at 2,663/65
|XAU/USD
Gold beat the 14 day high at 2638/39 for a buy signal hitting my target & minor resistance at 2663/65 with a high for the day week exactly here.
There was up to 20 points profit if you managed to buy on the break above 2641 plus up to another 20 points on shorts as we hit the targets of 2653/51 & 2647/45
There was support at 2645/42 but longs needed stops below 2638 & we ran to 2635 just before the close.
It's possible we range from 2640/35 up to 2662/65 at the start of this week.
A break above 2667 targets 3 month trend line resistance at 2688/92.
There's support at 2631/28 & at 2622/20 where you could try to scalp 10 points with a 3 point stop loss.
XAG/USD
Silver tested resistance at 2960/70 this week & shorts needed stops above 2990. With a high for the day here we held the shorts but there was no profit offered on the position before the close.
A break higher this week may only reach 3010/20 but above here can target 3050/55.
We could meet resistance at 3055/3065 but shorts need stops above 3095.
Holding resistance at 2960/70 this week can target 2925/20.
Below 2910 look for a tret of the December double bottom low at 2885/75.
A break of December's low of 2872 targets 2850, perhaps as far as 2830/25.
WTI Crude February future
Last session low & high: 7270 - 7435.
WTI Crude break above 7180 was our buy signal for last week targeting 7240/7280 for profit taking on any longs. I hope you caught this trade.
The break above 7295 was the next buy signal which hit the 7360/7390 target on Thursday.
Holding above 7390/7360 this week can target 7465/85. Just be aware that we are getting overbought on the daily chart & bear in mind we are in a longer term sideways trend so gains are likely to be more limited.
However above 7500 look for 7555/65.
For now the bull remain in control so I would risk buying at support at 7345/15. Longs need stops below 7270.
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