Gold and Silver edge higher
|XAU/USD
Gold completed the bull flag pattern & consolidation phase & bull flag pattern for clearer signals.
The target of 3365/70 was hit & we only missed 3395/99 by $3 so far this week.
However we are consolidating sideways yet again with an inside day yesterday.
Further gains today target 3365 & eventually 3380/90 is possible.
A break above 3395 should be a buy signal targeting 3410/14 & May high at 3434/38.
On a retest of support at 3335/30 today, longs need stops below 3325.
An unexpected break lower however can target 3318 & 3306/04.
XAG/USD
Silver made a low for the day at first support at 3405/3395 on Tuesday & held 10 ticks above here on Wednesday.
We tackled key resistance at the 2024 high of 3486/87 but failed just above here yesterday.
As I wrote yesterday, this must be beaten if bulls are to finally gain control of this market.
Support again at 3410/00.
However below 3390 meets the next target & an excellent buying opportunity at 3370/60.
Longs need stops below 3350.
WTI Crude July future
Last session low & high: 6217 - 6396.
WTI Crude July held the support & resistance yesterday for another great scalping opportunity.
Contract trades in a 6 week range from 5495/5435 up to 6340/6410, with a high for the day inside this range for 3 days in a row.
Movement is random, erratic and unpredictable hour to hour in the sideways channel.
Having held 6340/6410, a break above 6420 targets strong resistance at 6500/6550.
Shorts need stops above 6600.
A break higher is a buy signal targeting 6690 & even 6780/6800 is possible.
Minor support at 6230/6180 saw a low for the day exactly here yesterday.
Longs need stops below 6140 again today.
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