Trade ideas for Gold, Silver and Forex
|XAUUSD held a $12 range as we consolidate after recent deep losses. Although we dipped below 1987 we only reached 1984. I feel comfortable trading in the direction of the 2 week bear trend, with minor resistance at 1995/97 & again at 2003/2005. I doubt we can recover any higher than this but if we unexpectedly reach strong resistance at 2010/2014 this should be an excellent sell opportunity with stop above 2017.
Eventually we should continue lower towards 1981/80 & 1974/72. Further losses are possible eventually as far as 1967/65.
XAGUSD shorts at resistance at 2270/90 worked perfectly as prices collapsed from 2293 hitting my targets of 2235 & 2215. A break below 2185 is today's sell signal targeting 2160, 2140 & perhaps as far as 2110/2100.
Very strong resistance at 2265/85 & shorts need stops above 2305.
WTI Crude March future shorts at strong resistance at 7790/7840 worked perfectly as we collapsed from 7877 to my targets of 7730 & 7700/7680. The break below 7660 signals further losses towards 7590/70 today & perhaps as far as 7520/00.
Note the bearish engulfing candle which acts as a bull trap adding pressure to the downside for today's session.
On an unexpected retest of strong resistance at 7790/7840, shorts need stops above 7900.
A break above 7900 is a buy signal for today with a break above the January high of 7929 triggering further gains to 7960/80 & as far as 8000/8020. In fact a move as far as 8090/8110 is not out of the question.
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