Gold made a low for the day exactly at first support at 2,370/65 [Video]
|Gold XAUUSD: made a low for the day exactly at first support at 2370/65 & longs worked on the bounce to all my targets of 2380, 2390, 2395.
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First support again at 2370/65 & longs need stops below 2355.
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Targets again are: 2380, 2390, 2395.
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A break lower however risks a retest of KEY SUPPORT AGAIN AT 2325/20 TODAY. Longs need stops below 2315. Targets: 2345, 2355, 2365.
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On a break above 2400 take this as a buy signal & look for 2418/22 before a retest of the all time high at 2428/31.
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We saw strong selling pressure here last week. I still think it would be risky to short here again today but if you try (hoping to see a negative double top form) place a stop above 2435.
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A break below 2315 suggests the important support at 2325/20 has been broken & it should then act as resistance & trigger further significant losses towards 2305, 2295 & 2290/85 for profit taking on shorts. Just be aware that a break below 2280 targets a buying opportunity at 2265/60 & longs need stops below 2250.
Silver XAGUSD however collapsed through first support at 2855/45 but made a low for the day at support at 2800/2790 & longs need stops below 2770.
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First support at 2800/2790 & longs need stops below 2770.
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Targets: 2845, 2890.
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A break lower however risks a slide to 2750/40 & perhaps as far as 2710/00.
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A break above 2855 can be taken as a buy signal for today targeting 2900 for profit taking.
WTI Crude may future
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WTI Crude has been yo-yoing now for 10 days as we held mostly withing Monday's range.
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For this reason it is a very tricky time to position trade. Moves are random & erratic, with no clear pattern or trend. Although I think this is a consolidation so I think eventually we will break above 8800 & continue higher .
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On the downside we should have a buying opportunity at 8320/8280 & longs need stops below 8240.
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Targets: 8390, 8480
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A break above 8800 however should target 8900/20 & even 9050/80.
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