Gold held key support at 3.309/00 on Monday
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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