Daily Forecast - 26 April 2017
Gold Spot
Gold short term outlook negative & holding below 1265/64 re-targets 1261 & good support at 1258/56 where a low for the day looks very likely. Exit shorts & try longs with stops below 1250. However be ready to sell an unexpected break below 1250 to target 1245/44 & perhaps as far as 1240/39.
Minor resistance at 1265/66 but 1271/72 could see a high for the day. Try shorts with stops above 1278. An unexpected break higher however targets 1281/82 then 1288.
WTI CrudeJune contract
WTI Crude bullish candle in oversold conditions as bottom a fraction above important 9 month trend line support at 4875/65 tells us bulls are ready to take control. It is possible bears go for one more push lower so any move towards 4890/4870 should be worth trying longs with stops below 4820. A break lower however tests the March low at 4763/58.
Minor resistance at 4935/40 & 4965/70 but strong resistance at 5005/15 is the best chance of a high for the day. Try shorts with stops above 5050. A break higher however sees 5015/05 act as strong support to buy in to longs & target 5085/95.
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