Gold, Silver and WTI Crude shot higher to hit my targets

Jason Sen DayTradeIdeas.co.uk

Gold

Gold initially shot higher as expected to 4497 in the morning.
In midafternoon we broke first support at 4455/4450 and made a low for the day just a dollar above strong support at 4427/4423.
I hope you managed to get in to a long position for the run higher to my next target of 4517/4520.
Gold is about $130 higher after the buy signal as we hit more of my targets.
Next target of 4530/4533 looks possible today
If we continue higher look for 4541/4544 then 4553/4540.
Downside is expected to be limited with support at 4445/4450.
Longs need stops below 4430.
Strong support at 4395/4390.
Longs need stops below 4480.

Silver

Silver hit all my next targets of 6775/6778, 6795/6799, 7000/7005, 7035/7040, 7065/7070, 7095/7099
Silver hits a new all time high at 7270.
Outlook remains positive with next targets of 7360, 7410/20 & 7460/7470.
If we continue higher look for 7500/7510.
First support at 7125/15 & longs need stops below 7090
Strong support at 7080/7070 & longs need stops below 7040.

WTI Crude January futures

Last session low & high: 5774 - 5856.

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

WTI Crude beat resistance at 5700/5720 this time to head for the next target of 5840/5860.

We made a high for the day exactly here.

Shorts at resistance at 5840/5860 need stops above 5920. A close above here before Christmas should be a buy signal when we open after the holiday period. This could take prices to the 6050 area.

Failure to beat 5840/5860 risks a slide to 5730/5700 for profit taking on shorts today.

Author

Jason Sen

DayTradeIdeas.co.uk

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