Gold and Silver resume the bull trend
|XAU/USD
Gold beat 4405/4410 with stops triggered above 4420.
The break higher hit my targets of 4431/34 & 4441/4445 so the long positions worked.
Gold ran as far as 4459 and it's clear we remain in a bull trend.
I'm hoping this trend is resuming now after the correction on the 29th of December.
A break above 4460 can target 4485/4490 today.
If we continue higher look for 4505/10.
We then meet the all time high at 4545/4550.
After yesterday's strong Bullish momentum hopefully any correction to the downside will be limited.
We should find good support at 4420/4410. Longs need stops below 4405.
XAG/USD
Silver made a low for the December correction exactly at support at 7050/7000.
Our long positions have worked perfectly on the jump to minor resistance at 7500/7550 for an easy 500 ticks profit.
Beating minor resistance was not a surprise and we have continued onto the next target of 7660/7700 and we are almost testing resistance at 7800/7850.
Shorts are risky in the bull trend and even if we pause here, the market may not go down significantly enough to make money out of a short position.
However if you try a short here we need stops above 7900 and I would suggest taking a quick profit if you see one.
Eventually a break higher would be expected and we can then target 8050/8080.
on a break above 8100 there's not much to stop a retest of the all time high at 8330/8362.
There should support around 7480/7450 but if we unexpectedly continue lower look for a buying opportunity 7340/7300 & longs need stops below 7280.
WTI Crude January futures
Last session low & high: 5660 - 5851.
WTI Crude made a low for the day on Monday exactly at support at 5700/5665 (just 30 ticks above the opening low & longs worked perfectly on the bounce to resistance again at 5850/5890.
Looks like we managed to catch the low for the day and the high for the day perfectly. I don't think we can do better than that??
A break above 5930 today can target 6010/6030.
In these volatile conditions, if we reverse again, look for 5780/5750 as the 1st downside target then support again at 5700/5665.
Just be aware that a break below 5620 in a longer-term bear trend could retest the super important 2025 low at 5530/5498.
Obviously a break below here would be an important sell signal for the start of 2026.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.