Today's trade ideas and Gold, WTI Crude analysis [Video]
|Gold XAUUSD broke the support as we wait for US Core Inflation Rate on Tuesday. We should therefore have resistance at 2023/26 & shorts need stops above 2029. Shorts can target support at 2013/11. Longs here stop below 2009. A break lower however can target 2003/2000, perhaps as far as 1990.
A break above 2029 is a buy signal targeting 2032/33 but maybe no further. A break above 2035 however targets 2038.
Silver XAGUSD should have resistance again at 2270/90 on any recovery today & shorts need stops above 2310. (A high for the day at 2307 yesterday kept us n the short position). A break higher targets 2030/35.
Shorts at 2270/90 target 2235 & 2215.
WTI Crude March future is only trading sideways but the move above 7660 hit my next targets of 7700 & 7730/40 with a high for the week exactly here last week.
We should meet strong resistance at 7790/7840. Shorts need stops above 7900.
On the downside we should have strong support at 7520/7480 (with a low for the day at 7554 yesterday) & longs need stops below 7450.
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.