Gold makes a new all time high after our buy signal was triggered above $2050
Gold
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The break above 2120 saw us retest the all time high at 2135. But we did not sustained the break & reversed from 2141.
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A break above here is another buy signal initially targeting 2146/49, perhaps as far as 2160/62, but is possible gains will be more limited in severely overbought conditions.
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I remain a buyer on any weakness (profit taking) although it is difficult to identify short term support levels because the move higher has been so fast on Friday & Monday.
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We should have some support at the psychological number of 2105/2100 but I see the best support at 2093/90 & longs need stops below 2080.
WTI Crude April future
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Unfortunately trading WTI Crude has not been so easy
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It's 2 steps forward & 1 step backwards for this market.
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Prices have broken back below 7980/7930 with a high for the day yesterday at 7949.
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WTI Crude remains mostly in a sideways consolidation & keeps just finding new ranges.
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We made a low for the day only 8 ticks below strong support at 7790/60 & longs worked perfectly on the bounce to my targets of 7860 & 7930, with a high for the day only 19 ticks above here.
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We may have established a new short term range from 7790/60 up to 7930/70.
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Same support at 7790/60 for a buying opportunity again today with stop below 7720.
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Targets: 7860, 7930 & even 7970 is possible.
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A break below 7720 today however risks a slide to 7690 & 7600/7580.
Author
Jason Sen
DayTradeIdeas.co.uk
