Gold longs at my buy level of 1915/10 worked perfectly with a low for the day at 1911 before we shot higher to 1932 for a quick & easy 15 point profit. That's up to 50 points profit in gold over the last week.
Silver moving in the opposite direction as we plunge to 2274 after last week's double top sell signal.
WTI Crude April tests the upper end of the 2 month range at 8260/8300 & remains very clearly in a 6 month sideways trend.
Daily analysis
Gold longs make up to 15 points profit yesterday as we head for 1935 target & look for 1939 before the end of the week. Further gains are certainly possible towards 1946/49.
We should have good support at 1915/10 today. Longs need stops below 1905.
Silver over ran strong support at 2310/00 by 26 ticks before a rebound to 2348. Strong resistance at 2380/2400. Shorts need stops above 2420.
Silver bulls obviously need a break above the 2455 double top high for a buy signal & a chance to catch up with the gold rally.
Just be aware that a close below 2290 on any day this week is a sell signal targeting 2255 & strong support at 2220/00.
WTI Crude February choppy & erratic with no clear trend after failed bullish breakout. I must wait for a signal or a breakout. First resistance at the upper end of the 2 month range at 8260/8300. A break above 8320 can target 8420/30 & 8470/90.
First support at 8060/40 for a potential 100-150 ticks scalp but longs need stops below 8000. Next downside target & support at 7930/00. Longs need stops below 7860.
The contents of our reports are intended to be understood by professional users who are fully aware of the inherent risks in Forex, Futures, Options, Stocks and Bonds trading. INFORMATION PROVIDED WITHIN THIS MATERIAL SHOULD NOT BE CONSTRUED AS ADVICE AND IS PROVIDED FOR INFORMATION AND EDUCATION PURPOSES ONLY.
Recommended Content
Editors’ Picks
EUR/USD clings to daily gains above 1.0650
EUR/USD gained traction and turned positive on the day above 1.0650. The improvement seen in risk mood following the earlier flight to safety weighs on the US Dollar ahead of the weekend and helps the pair push higher.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD reversed its direction and advanced to the 1.2450 area after touching a fresh multi-month low below 1.2400 in the Asian session. The positive shift seen in risk mood on easing fears over a deepening Iran-Israel conflict supports the pair.
Gold holds steady at around $2,380 following earlier spike
Gold stabilized near $2,380 after spiking above $2,400 with the immediate reaction to reports of Israel striking Iran. Meanwhile, the pullback seen in the US Treasury bond yields helps XAU/USD hold its ground.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price shows no signs of directional bias while it holds above $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research.
Week ahead – US GDP and BoJ decision on top of next week’s agenda
US GDP, core PCE and PMIs the next tests for the Dollar. Investors await BoJ for guidance about next rate hike. EU and UK PMIs, as well as Australian CPIs also on tap.