Gold and WTI Crude: Technical analysis and trade ideas for today [Video]

Jason Sen DayTradeIdeas.co.uk

Gold

Hit support at 2028/25 with a low for the day exactly here.
Gold then bounced to 2033 so this did offer a 5 to 7 point profit as I suggested. I am happy we maximised the opportunity on a very quiet day.
We can only scalp in the short term while we wait for a breakout & indication that a trend is forming. We could be waiting for a coupe of weeks.

Two support levels again at 2028/25 & at 2020/2018. Keep stops tight, I suggest 2-3 points stops with a 5-7 point target.

Obviously a break above last week's high on Friday at 2041/42 should be a buy signal & can target 2 month trend line resistance at 2049/50. Shorts need stops above 2053. A break higher could see 2050/49 act as support to target 2057/58.

WTI Crude April future

Reversed from just below resistance at the mid/late November high & the January/February high from 7929 up to 7980 on Friday.
Prices collapsed throughout the session to first support at 7780/7740 but did not hold here & continued lower to the next target of 7660 & as far as the next target of 7580/60 on the open yesterday.

We made a low for the day only 4 points above the next downside target 7580/60 & raced straight back up to 7803 to recover most of Friday's steep losses. Prices are up for a day or two then down for a day or 2 as we remain in a choppy sideways channel, ranging from 7580/50 up to 7930/80.

A break above 7810 today can target 7880/7920. Obviously bulls need a break above 8000 for a buy signal this week.

Holding below 7740/80 risks a slide to 7650/20, perhaps as far as 7580/60. A break below 7530 could test some support at 7450/7400.

Author

Jason Sen

DayTradeIdeas.co.uk

EUR/USD flirts with daily highs, retargets 1.1900

EUR/USD regains upside traction, returning to the 1.1880 zone and refocusing its attention to the key 1.1900 barrier. The pair’s slight gains comes against the backdrop of a humble decline in the US Dollar as investors continue to assess the latest US CPI readings and the potential Fed’s rate path.

GBP/USD remains well bid around 1.3650

GBP/USD maintains its upside momentum in place, hovering around daily highs near 1.3650 and setting aside part of the recent three-day drop. Cable’s improved sentiment comes on the back of the Greenback’s irresolute price action, while recent hawkish comments from the BoE’s Pill also collaborate with the uptick.

Gold clings to gains just above $5,000/oz

Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The precious metal’s move higher is also underpinned by the slight pullback in the US Dollar and declining US Treasury yields across the curve.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.