TRENDING:

XAU/USD

Silver

Gold and Silver edge higher

Jason Sen DayTradeIdeas.co.uk

XAU/USD

Gold completed the bull flag pattern & consolidation phase & bull flag pattern for clearer signals.

The target of 3365/70 was hit & we only missed 3395/99 by $3 so far this week.

However we are consolidating sideways yet again with an inside day yesterday.

Further gains today target 3365 & eventually 3380/90 is possible.

A break above 3395 should be a buy signal targeting 3410/14 & May high at 3434/38.

On a retest of support at 3335/30 today, longs need stops below 3325.

An unexpected break lower however can target 3318 & 3306/04.

XAG/USD

Silver made a low for the day at first support at 3405/3395 on Tuesday & held 10 ticks above here on Wednesday.

We tackled key resistance at the 2024 high of 3486/87 but failed just above here yesterday.

As I wrote yesterday, this must be beaten if bulls are to finally gain control of this market.

Support again at 3410/00.

However below 3390 meets the next target & an excellent buying opportunity at 3370/60.

Longs need stops below 3350.

WTI Crude July future

Last session low & high: 6217 - 6396.

WTI Crude July held the support & resistance yesterday for another great scalping opportunity.

Contract trades in a 6 week range from 5495/5435 up to 6340/6410, with a high for the day inside this range for 3 days in a row.

Movement is random, erratic and unpredictable hour to hour in the sideways channel.

Having held 6340/6410, a break above 6420 targets strong resistance at 6500/6550.

Shorts need stops above 6600.

A break higher is a buy signal targeting 6690 & even 6780/6800 is possible.

Minor support at 6230/6180 saw a low for the day exactly here yesterday.

Longs need stops below 6140 again today.

Author

Jason Sen

DayTradeIdeas.co.uk

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