TRENDING:

XAU/USD

Silver

Gold longs at 3,220/3,210

Jason Sen DayTradeIdeas.co.uk

XAU/USD

Gold broke 3263/59 to hit my target & strong support at 3220/3210 exactly as predicted last week.

The longs at 3220/3210 are also worked perfectly as we hit my 3 targets of 3233/36 & 3245/50 & 3265 as predicted on Friday.

We are in a short term bear trend as prices correct to the downside easing overbought conditions, after the huge rally in early April.
I did warn you this could happen just before it started!

Strong resistance at 3270/75 on Monday but shorts need stops above 3285.

Targets: 3260, 3250, 3240.

Strong support at 3215/3205 today, longs need stops below 3195.

A break below 3195 however is a sell signal (and it likely we will see a break lower at some stage this week), initially targeting 3170/65.

A break below 3160 will be the next sell signal & we could fall as far as 3125/20 for profit taking on shorts.

In between the support at 3215/3205 & resistance at 3270/75, there are no clear trading areas, so we must be patient.

XAG/USD

Silver break below 3200 was a sell signal targeting 3170, with a low for the week just 6 ticks below here.

Strong resistance at 3285/95 could see a high for the day but shorts need stops above 3315.

Targets: 3245, 3215.

Support at 3170/50 & longs need stops below 3125.

Targets: 3200, 3230.

However a break below 3125 then sees 3150/70 acting as resistance to target 3080/3060.

WTI Crude June future

Last session low & high: 5774 - 5987.

WTI Crude broke 6150 for a sell signal targeting 5990/70, 5920/00, 5880/50 and even 5700/5680 for up to 450 ticks profit on that 1 trade last week.

However an unexpectedly strong bounce recovered all the losses on Friday.

First resistance at 5950/90 but shorts need stops above 6020.
Targets: 5850 & 5800.

A break above 6020 can target 6060/6080 & perhaps as far as strong resistance at 6130/6170.

Shorts need stops above 6220.

Targets: 6080, 6000.

Author

Jason Sen

DayTradeIdeas.co.uk

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