Gold broke support for a sell signal
Gold
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Gold has finally broken 3263/59 as predicted to target 3250 & even a test of strong support at 3220/3210 is possible at some stage.
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Well actually we're almost there & I hope you caught this move for the potential 350-400 tick profit.
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Longs need stops below 3195.
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Targets for a recovery are 3233/36 & 3245/50, with 3265 even possible.
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A break below 3195 however is a sell signal initially targeting 3170/65.
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A break below 3160 will be the next sell signal.
Silver
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Silver still holding inside last Wednesday's range of 3207 - 3367 but testing the lower end of the range.
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We made a high for the day exactly at first resistance at 3310/20 & collapsed to my target of 3240/30.
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A break below 3200 is a sell signal for today targeting 3170, perhaps as far as 3120/10 for profit taking on shorts.
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However a bounce from 3210/00 (unlikely in my opinion) can target 3220/3230, perhaps as far as 3250.
WTI Crude JUNE future
Last session low & high: 5791- 6043.
(To compare the spread with the contract that you trade).
WTI Crude broke 6150 for a sell signal targeting 5990/70.
Yesterday we wrote: There's no important support or indication that prices can hold the downside at this stage so further losses are possible to 5920/00, perhaps as far as 5880/50.
Exactly as predicted WTI Crude has collapsed in fact reaching 5791 & can target 5750 today.
If we continue lower look for 5700/5680.
I see very little chance of a recovery - certainly no indication this morning but I expect resistance at 5900/30 & 5990/6020.
Author
Jason Sen
DayTradeIdeas.co.uk
