XAU/USD
Gold headed higher yesterday to recover 2 days of losses.
As is typical in a sideways market, prices reversed again & won back losses to retest last week's high at last week's high at 2662/65, with a high for the day exactly here again.
At this stage there is no indication of a trend starting so we make do with the choppy conditions, where prices keep reversing throughout the day.
As you know, moving averages & Fibonacci levels are of no use in these conditions.
Minor resistance at last week's high at 2662/65 is key to direction today
Bulls need a break above here to target 2672/75, perhaps as far as 3 month trend line resistance at 2688/92.
Failure to beat last week's high at 2662/65 saw prices reverse quickly again to 2642.
Minor support at 2635/30.
A break below 2630 can target 2625/23, perhaps as far as this week's low at 2616/14.
There's a very short term trend line at 2610/07 which may offer support today but longs need stops below 2604.
We must wait for a breakout of the sideways pattern but I expect this to take some time - could be a couple of weeks.
XAG/USD
Silver remains unable to sustain a move in 1 direction for long in the erratic, random sideways pattern.
We could meet resistance at 3055/3065 today but shorts need stops above 3095.
We could find support at 2690/80 (a low for the day here yesterday) but longs need stops below 2960.
A break below 2660 risks a slide to 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: 7311 - 7453.
WTI Crude could also begin trading in a sideways range.
We made a low for the day at support at 7320/00 in the very early hours of the morning but longs need stops below 7275 if the level is retested today.
A break lower risks a slide to 7210/7190.
There is likely to be resistance again at 7465/85 & we did make a high for the day just a few tocks below here yesterday.
However on a break above 7500 look for 7555/65. In overbought conditions this may be as far as we can go but shorts need stops above 7605.
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