Gold remains trapped in a bull flag pattern

Jason Sen DayTradeIdeas.co.uk

Gold remains trapped in a bull flag pattern as I have been warning for many days now.

We are waiting for the completion of the consolidation phase & bull flag pattern for clearer signals.
Yesterday we bounced from my target of 3245/40 after profit taking on our shorts exactly as predicted.
We beat minor resistance at 3280/85 to hit the next target of 3310/15.
Upper trend line resistance at 3336/3340 today - shorts need stops above 3345.
A break higher is a buy signal - we will assume that the longer term bull trend has resumed.
Targets: 3365/70 & 3395/99.
Shorts at 3336/3340 can target 3318/15 & perhaps as far as 3280/75.
Further losses can retest minor support at 3245/40.
A break below 3235 risks a slide to 3210/3200 today.

Silver

Silver STILL holding the upper end of the range around 3355/3375 (for around a month) as predicted.
Holding the upper end of the range this week around 3355/3375 targets 3330/20, perhaps as far as 3280/70 today.
A low for the week exactly here for the last few days and again yesterday in fact.
The levels are working well if you are scalping the sideways trend.
Watch the range from 3280/70 up to 3355/75 again today of course.
A break above 3380 however could be a buy signal targeting 3395/99 & 3420/25. A break below 3250 risks a slide to 3220/3200.

WTI Crude July future

Last session low & high: 6055 - 6307

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

WTI Crude July contract trades in a 6 week range from 5495/5435 up to 6340/6410. We have held a range this week from 6026 up to 6307 and this week we have held inside of last week's range of 6002 - 6419.

We could have minor resistance at 6240/70 although we beat this level without a problem yesterday.

Further gains retest 6340/6410. A break above 6420 targets 6550/80.

We have a 2 week low at 6025/6002. A break below 6000 risks a slide to 5950/30 & as far as 5800/5770.

Author

Jason Sen

DayTradeIdeas.co.uk

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