Gold held key support at 3.309/00 on Monday

Jason Sen DayTradeIdeas.co.uk

Gold

Gold held key support at 3309/00 on the open with a low for the day at 3293.
Longs at key support at 3309/00 hit the 2 targets of 3320/23 & 3327/30 - a high for the day at 3337 so we made the most of the movement of the day.
Longs need stops below 3291 on a retest of key support at 3304/00.
A break below 3290 is a sell signal for this week targeting 3275/73, perhaps as far as 3263/60.
A break above 3337 can target 3341/44, perhaps as far as 3348/50 but probably no further in this sideways consolidation phase.

Silver

Silver finally made a move & shot higher through key resistance at the 2024 high of 3486/87.
Perhaps bulls are to finally gain control of this market.
Next target is 3730/45. We are closing in with a high for the day at 3689.
Support at 3580/60 this morning but longs need stops below 3540.
Strong support at 3500/3480 & longs need stops below 3460.

WTI Crude July future

Last session low & high: 6420 - 6543.

(To compare the spread with the contract that you trade).

WTI Crude July creeping higher through 6340/6410, after holding this level for 4 days in a row & almost 4 weeks.

Having held 6340/6410 for so long, the break above 6420 targets strong resistance at 6500/6550. (We made a high for the day exactly here yesterday).

Shorts need stops above 6600.

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

The target for shorts is 6390/6370 & a low for the day is certainly possible here but longs need stops below 6300.

A bounce from here however can retest 6000/6550.

Author

Jason Sen

DayTradeIdeas.co.uk

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