Gold sell opportunity at 1895/1899
|Gold, Silver, WTI Crude
Gold Spot shorts at the sell opportunity at 1895/1899 have worked perfectly all this week. Yesterday we bottomed exactly at first support at 1871/69 for a 25 point profit. A weekly close tonight above 1903 is a buy signal for next week.
Silver Spot stuck in a 1 month sideways trend, with first resistance at 2810/20 tested as I write this morning. Shorts need stops above 2835.
WTI Crude JULY Future crashed breaking 200 month moving average support at 6985/75 but bottomed exactly at good support at 6860/30 for a potential 200 tick profit on longs.
Daily analysis
Gold sell opportunity at 1895/1899. Stop above 1903. (We topped exactly here yesterday). A break higher is a buy signal targeting 1912/16. Further gains this week look for 1925 & 10 month trend line resistance at 1935.
Shorts at the sell opportunity at 1895/1899 target 1885 (hit), minor support at 1880/78 today & perhaps as far as first support at 1871/69 for some profit taking. Further losses test key support at 1859/56 with further important 10 month trend line & 200 day moving average support at 1845/40. Perhaps bulls can try to scale in to longs across this range.
Silver first resistance at 2810/20 tested as I write this morning. Shorts need stops above 2835. Further gains retest last week’s high at 2850/54.
First support at 2730/20 but below 2710 is a sell signal targeting 2690/80 before very strong support at 2650/45.
WTI Crude if you managed to buy in to longs at good support at 6860/30 (we bounced just 8 tick above) we shot higher to to 200 month moving average at 6985/75 & as far as 7000/20. On further gains look for 7050/60 then 7085/95 & 7135/55.
Minor support at 6985/65, good support at 6860/30. Longs need stops below 6800.
Chart
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.