Gold: Further gains are certainly possible towards 1946/49
|Gold longs at my buy level of 1915/10 worked perfectly with a low for the day at 1911 before we shot higher to 1932 for a quick & easy 15 point profit. That's up to 50 points profit in gold over the last week.
Silver moving in the opposite direction as we plunge to 2274 after last week's double top sell signal.
WTI Crude April tests the upper end of the 2 month range at 8260/8300 & remains very clearly in a 6 month sideways trend.
Daily analysis
Gold longs make up to 15 points profit yesterday as we head for 1935 target & look for 1939 before the end of the week. Further gains are certainly possible towards 1946/49.
We should have good support at 1915/10 today. Longs need stops below 1905.
Silver over ran strong support at 2310/00 by 26 ticks before a rebound to 2348. Strong resistance at 2380/2400. Shorts need stops above 2420.
Silver bulls obviously need a break above the 2455 double top high for a buy signal & a chance to catch up with the gold rally.
Just be aware that a close below 2290 on any day this week is a sell signal targeting 2255 & strong support at 2220/00.
WTI Crude February choppy & erratic with no clear trend after failed bullish breakout. I must wait for a signal or a breakout. First resistance at the upper end of the 2 month range at 8260/8300. A break above 8320 can target 8420/30 & 8470/90.
First support at 8060/40 for a potential 100-150 ticks scalp but longs need stops below 8000. Next downside target & support at 7930/00. Longs need stops below 7860.
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