-
Gold Spot we wrote: collapsed from the all time high leaving significant double top risk with a moderately negative candle on the weekly chart now. With a weekly close almost unchanged, a shooting star candle has formed, which warns the bull run has ended, increasing risks to the downside.
-
Gold now breaks support at 1958/54 for another sell signal.
-
Silver breaks the head & shoulders neckline at 2540/20 but holds very short term support at 2505/00, so a break below here today is a sell signal targeting 2400/2380.
-
WTI Crude April I warned of a significant bull trap, which risks further losses this week.
-
The break of important support at 104.80/30 is our next negative signal targeting 101.00/100.50 & 9930/9900.
Today's analysis
Gold now trending lower as we clearly warned yesterday. The break of support at 1958/54 is a short term sell signal targeting 1950/48, perhaps as far as 1942/40 today. In fact we could eventually fall as far as 1925/20 for a buying opportunity this week, stop below 1910. A break lower is the next sell signal.
Gains are likely to be limited with minor resistance at 1955/58. If we continue higher expect strong resistance at 1975/78.
Silver break of head & shoulders neckline at 2540/20 yesterday is a sell signal. A break below 2490 is today's sell signal targeting 2460/40 then strong support at 2400/2380. Longs need stops below 2360.
Bulls are in trouble now after the unexpected reversal on Wednesday. Gains are likely to be limited to 2525/35. Shorts need stops above 2545.
WTI Crude April broke important support at 104.80/30 to target 101.00/100.50 & 9930/9900. I would not be surprised to see a test of strong support at 9750/9650, even today. Longs need stops below 9550.
Gains are likely to be limited with first resistance at 104.40/80. Shorts need stops above 105.40.
The contents of our reports are intended to be understood by professional users who are fully aware of the inherent risks in Forex, Futures, Options, Stocks and Bonds trading. INFORMATION PROVIDED WITHIN THIS MATERIAL SHOULD NOT BE CONSTRUED AS ADVICE AND IS PROVIDED FOR INFORMATION AND EDUCATION PURPOSES ONLY.
Recommended Content
Editors’ Picks
EUR/USD climbs back above 1.0750 ahead of ADP, Fed Minutes
EUR/USD has regained lost ground above 1.0750 in the European session on Wednesday. The pair draws support from the renewed US Dollar weakness, in the aftermath of the dovish Fed Chair Powell's comments. Eyes turn to US ADP data, Fed Minutes.
GBP/USD retakes 1.2700, looks to US data/Fed minutes
GBP/USD is battling 1.2700 in European trading on Wednesday, attempting a modest bounce. Traders appear reluctant and prefer to wait on the sidelines ahead of the FOMC minutes while the UK elections on Thursday also keep them on the edge. US ADP data eyed as well.
Gold jumps toward $2,350, with eyes on key US events
Gold price is closing in on $2,350 in the European trading hours on Wednesday, staging a rebound amid a fresh leg down in the US Dollar. Gold price capitalizes on dovish Fed Chair Powell's remarks on Tuesday, which added to the September rate cut expectations. US ADP data and Fed Minutes on tap.
Bitcoin price struggles around $61,000 as German government transfers, miners activity weigh
U.S. spot Bitcoin ETFs registered slight outflows on Tuesday. The German Government transferred another 832.7 BTC, valued at $52 million, on Tuesday.
ADP Employment Change Preview: US private sector expected to add 160K new jobs in June
The United States ADP Research Institute will release its monthly report on private sector job creation for June. The announcement is expected to show that the country’s private sector added 160K new positions in June after adding 152K in May.