-
Gold longs at strong support at 1780/75 hit the next target of 1797/99 with a high for the day exactly here.
-
Silver has strong support again at 2270/50. Outlook remains positive.
Today's analysis
Gold reversed from 1797/99 has dipped to first support at 1782/80. Longs need stops below 1771.
Longs at 1782/80 target 1790 then 1797/99. A break higher targets 1807/09. Eventually a retest of 1822/24 is likely.
Silver longs at support at 2270/50 worked perfectly on the bounce to 2323. Minor resistance at 2330/35 held yesterday but eventually this should be beaten to target 2360/65 & 2390/2400.
Strong support again at 2270/50. Longs need stops below 2235.
WTI Crude February resistance at 7620/70. Shorts need stops above 7730. A break higher is a buy signal targeting 7750 then 7900.
Targets for shorts are 7520, 7420.
The contents of our reports are intended to be understood by professional users who are fully aware of the inherent risks in Forex, Futures, Options, Stocks and Bonds trading. INFORMATION PROVIDED WITHIN THIS MATERIAL SHOULD NOT BE CONSTRUED AS ADVICE AND IS PROVIDED FOR INFORMATION AND EDUCATION PURPOSES ONLY.
Recommended Content
Editors’ Picks
USD/JPY jumps above 156.00 on BoJ's steady policy
USD/JPY has come under intense buying pressure, surging past 156.00 after the Bank of Japan kept the key rate unchanged but tweaked its policy statement. The BoJ maintained its fiscal year 2024 and 2025 core inflation forecasts, disappointing the Japanese Yen buyers.
AUD/USD consolidates gains above 0.6500 after Australian PPI data
AUD/USD is consolidating gains above 0.6500 in Asian trading on Friday. The pair capitalizes on an annual increase in Australian PPI data. Meanwhile, a softer US Dollar and improving market mood also underpin the Aussie ahead of the US PCE inflation data.
Gold price flatlines as traders look to US PCE Price Index for some meaningful impetus
Gold price lacks any firm intraday direction and is influenced by a combination of diverging forces. The weaker US GDP print and a rise in US inflation benefit the metal amid subdued USD demand. Hawkish Fed expectations cap the upside as traders await the release of the US PCE Price Index.
Stripe looks to bring back crypto payments as stablecoin market cap hits all-time high
Stripe announced on Thursday that it would add support for USDC stablecoin, as the stablecoin market exploded in March, according to reports by Cryptocompare.
US economy: Slower growth with stronger inflation
The US Dollar strengthened, and stocks fell after statistical data from the US. The focus was on the preliminary estimate of GDP for the first quarter. Annualised quarterly growth came in at just 1.6%, down from the 2.5% and 3.4% previously forecast.