Gold expected to break below 3,263/59 today
|Gold
-
Gold resistance at 3350/55 again today & shorts need stops above 3365.
-
(Unfortunately we made a high for the day yesterday at 3348.36).
-
A break above 3365/70 is a buy signal targeting 3385/87 & 3395/99, perhaps as far as 3405/08.
-
Holding below 3310 risks a retest of 3263/59.
-
I can't find a reason why this level is holding so well.
-
If we break lower on a 4th test we should then target 3250 & even a test of strong support at 3220/3210 is possible at some stage.
Silver
-
Silver still holding inside last Wednesday's range of 3207 - 3367.
-
Failure to beat first resistance at 3310/20 sees a retest of 3275/65 (a low for the day here yesterday) & we could fall as far as 3240/30.
-
A break above 3325 however can target 3340/45 before a retest of last week's high at 3360/3367.
-
A break above 3370 this week targets 3407/3414
WTI Crude JUNE future
Last session low & high: 6012- 6207.
(To compare the spread with the contract that you trade).
WTI Crude broke support at 6200/6190 & longs stopped below 6150 for a sell signal targeting 6080/6040 & as far as my lower target of 5990/70.
In fact we are hitting this target as I write. There's no important support or indication that prices can hold the downside at this stage so further losses are possible to 5920/00, perhaps as far as 5880/50.
Gains are likely to be limited with minor resistance at 6015/35 & strong resistance at 6060/6080. Shorts need stops above 6110.
Today’s trade ideas sheet
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.