1000 ticks profit in Silver so far this week

Jason Sen DayTradeIdeas.co.uk

XAU/USD

Gold pushed higher through 5094 as hoped, albeit slower than I expected - we can continue to target 5130/5140 for profit taking on any longs.

A high for the day is possible here although that is far from certainly so i would not be too comfortable in a short position.

We should still have support at 5010/4990. Longs need stops below 4975.

XAG/USD

Silver break above 8000 was a buy signal targeting 8300 & minor resistance at 8600 for profit taking on any remaining longs.

A slow move, but we did hit my target perfectly, with a high for the day at 8628 for up to 600 ticks profit on the long trade.

Yesterday I said there may be a short term correction from 8600 & the short worked perfectly on the collapse from 8628 to 8224 & then 8169 over night, as I write.

So already after the 600 ticks profit on the long trade, we have up to 400 ticks profit, making a total of 1000 ticks so far this week.

I am certainly happy with that!

Our longs at support at 7900/7750, with stop below 7600 worked & could work again on a retest at the end of the week.

Watch this support again today.

A break below 7600 however is more negative & can target 7430/7400, perhaps as far as 7190/7160.

WTI Crude March futures

WTI Crude futures reversed again (haha) & shot higher towards resistance at 6620/6660, although we stopped short at 6583.

Today shorts need stops above 6720.

We should have strong support at 6420/6380 & longs need stops below 6310.

Author

Jason Sen

DayTradeIdeas.co.uk

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