Gold remains stuck in a sideways consolidation with little movement yesterday
|XAU/USD
Gold remains stuck in a sideways consolidation with little movement yesterday.
The market is moving up one day, down the next day in the sideways trend for 2 weeks.
However, shorts at resistance at 2335/40 worked perfectly with a high for the day exactly here before prices turned lower to my 3 targets of 2325, 2320 & 2315 for profit taking.
We caught the exact high & low for the day we simply cannot do any better!! - especially in such difficult conditions.
If you want to try selling this level again today, stop above 2345.
A break higher can target 2345/50 & perhaps as far as 2365/70.
A break below 2312 today is likely to signal further losses towards 2307/05 & perhaps as far as 2298/95.
XAG/USD
Silver in a 4 month bull trend & will remain so IF we hold on to support at 2915/2895 this week.
If you want to gamble on a long here, stop loss below 2875.
Targets: 2940, 2970, 3000.
However a break below 2875 could be a sell signal targeting 2850 & 2810/2800.
We should meet resistance at 3010/3030 & shorts need stops above 3040.
Targets: 2970, 2940.
WTI Crude August future
Last session low & high for the AUGUST contract: 8023 - 8178.
WTI Crude August up one day, down the next day in the 4 day sideways trend as we head back towards support at 8030/8000.
Longs need stops below 7940.
Targets: 8080, 8120, 8170
A break lower could be a sell signal targeting 7840/7800.
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