Gold breaks higher to hit a new all time high at $3,291
Gold
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Gold held strong support at 3220/3216 through most of the day in a very quiet session, although dipped to 3211 briefly at lunchtime.
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After 2 days of the expected consolidation Gold beat the all time high at 3245 over night for a new buy signal to hit the next target of 3255/60
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The break above 3260 has already hit the next target of 3271/74 & I expect to see 3280/83 before the end of the day.
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Above 3285 look for 3300/3304.
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Support at 3247/43 & longs need stops below 3233.
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A break lower retests 3219/15 & longs need stops below 3209.
Silver
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Silver holding above 3230 is a buy signal for this week targeting 3245/50 (hit as I write this morning) & even 3270/75 is likely.
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Support at 3170/50 & longs need stops below 3130.
WTI Crude may future
Last session low & high: 6088 - 6206.
(To compare the spread with the contract that you trade).
WTI Crude held a small range inside of Monday's range.
A break above Monday's high of 6268 can retest minor resistance at 6340/80. Shorts need stops above 6420. A break higher can target 6550/6590 for profit taking on longs.
Minor support at 6080/40 but below here can target risks a retest of support at 5940/5900. Longs here need stops below 5830. A break below 5830 could hit 5700/5680.
Author
Jason Sen
DayTradeIdeas.co.uk
