1000 ticks profit in Silver so far this week
|XAU/USD
Gold pushed higher through 5094 as hoped, albeit slower than I expected - we can continue to target 5130/5140 for profit taking on any longs.
A high for the day is possible here although that is far from certainly so i would not be too comfortable in a short position.
We should still have support at 5010/4990. Longs need stops below 4975.
XAG/USD
Silver break above 8000 was a buy signal targeting 8300 & minor resistance at 8600 for profit taking on any remaining longs.
A slow move, but we did hit my target perfectly, with a high for the day at 8628 for up to 600 ticks profit on the long trade.
Yesterday I said there may be a short term correction from 8600 & the short worked perfectly on the collapse from 8628 to 8224 & then 8169 over night, as I write.
So already after the 600 ticks profit on the long trade, we have up to 400 ticks profit, making a total of 1000 ticks so far this week.
I am certainly happy with that!
Our longs at support at 7900/7750, with stop below 7600 worked & could work again on a retest at the end of the week.
Watch this support again today.
A break below 7600 however is more negative & can target 7430/7400, perhaps as far as 7190/7160.
WTI Crude March futures
WTI Crude futures reversed again (haha) & shot higher towards resistance at 6620/6660, although we stopped short at 6583.
Today shorts need stops above 6720.
We should have strong support at 6420/6380 & longs need stops below 6310.
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