Gold managing a bounce over night after an important sell signal
|Gold, silver, WTI crude
Gold Spot crashed again through 1800/1795 for an important sell signal initially targeting 1785 & 1770/67.
A potential 20 points profit on shorts if you managed to sell. We bottomed exactly at the lower target.
Silver Spot broke best support at the 100 day moving average at 2670/60 this time for a sell signal targeting 2625, 2605/00 & the 200 day moving average at 2580/70.
Almost 100 ticks profit if you managed to short & we bottomed exactly at 2580/70.
WTI Crude JULY Future broke support at 7145/35 to target strong support at 7050/30. 100 ticks profit if you managed to sell. Longs needed stops below 7000 but unfortunately we over ran by 23 ticks before the bounce.
Daily analysis
Gold managing a bounce over night after an important sell signal, towards strong resistance at 1795/1800. A high for the day is expected but shorts need stops above 1805. A break higher can target 1815/19.
Shorts at 1795/1800 target 1785 & minor support at 1770/67. I doubt this will hold again for too long. A break lower targets 1762/60 & 1755.
Gains are likely to be limited with first resistance at 1825/30. Unlikely but if we continue higher look for strong resistance at 1846/50.
Silver break below 2750 was a sell signal targeting 2625, 2605/00 & 200 dma at 2580/70. We bottomed exactly here & obviously this is key to direction this morning. However, gains are likely to be limited with first resistance at 2630/40. A high for the day certainly possible. Above 2650 allows a recovery to strong resistance at 2665/75.
Shorts need stops above 2685.
200 dma support at 2580/70. A break below 2560 is another sell signal targeting 2525 & 2505/2500.
WTI Crude first resistance at 7135/55. A break higher is a buy signal targeting 7195/7200 Above 7230 allows a retest of 7280/99.
Minor support at 7050/30 but below here can target 6980/7 & support at 6940/20. Longs need stops below 6900. Support at 6965/45 but a weekly close below here leaves a bearish engulfing candle for a sell signal next week.
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