XAU/USD
Gold collapsed last week in a counter trend move & although I have a rule to never trade against the trend, I had to take the break below 2440 as a sell signal.
Shorts worked as we hit our targets of 2436/31, 2415 & even a buying opportunity at 2410/05.
However longs needed stops below 2399 & we tumbled as far as 2393 on a day when Gold lost over $50 in value, or over 2%.
Gold lost $90 or almost 4% in total from Wednesday's new all time high at 2483 without any warning - although we did reverse from the 3 month trend line you see in the daily chart.
Gold now sits in the middle of the $180 range & holding what should be resistance at 2405/10 keeps the pressure on for a test of support at 2390/85.
longs need stops below 2382.
A break below 2382 (& shorts need stops above 2392) is a sell signal targeting 2365/60 for profit taking.
I think the best sell opportunity is at 2415/2420 & shorts need stops above 2425.
A break higher however can target 2440.
XAG/USD
Silver we wrote: is on the way to my target of 2930/20 & could even reach 2900/2890 today for profit taking on any remaining shorts before the weekend.
Silver hit my target of 2900/2890 as predicted & made a low for the day at 2895.
Minor resistance at 2950/60m could hold a bounce in the morning but the best sell opportunity is at 2995/3005 & shorts need stops above 3015.
Targets:
We could meet support again at 2895/85 although I do not think this will hold for too long. A break below 2880 targets a buying opportunity at 2850/40 & longs need stops below 2820.
WTI Crude August future
Last session low & high for the AUGUST contract: 8007 - 8288.
WTI Crude August crashed as far as strong support at 8020/7980.
A low for the day exactly as predicted & longs need stops below 7920 on Monday.
Targets: 8070, 8100, 8130.
A break below 7920 is a sell signal targeting 7850 & possibly 7750/7700.
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