Gold with an explosive move back up through 1950 [Video]
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Gold Spot a low for the day exactly at first support at 1929/27 on Friday & again we remain buyers on weakness to support levels.
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UPDATE: Gold gapped higher on Sunday to reach 2000.
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Silver also consolidates gains in the bull trend with no sell signal so we remain buyers on weakness to support levels.
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UPDATE: Silver gapped higher to 2614.
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WTI Crude April rockets higher but holds the 16.57 high. A double top would trigger losses to 100 if confirmed but we need to see what candle signals we get on Monday's close. UPDATE: WTI Crude has gapped higher on the open hitting 130.50.
![Gold with an explosive move back up through 1950 [Video]](https://editorial.fxstreet.com/images/Markets/Commodities/Metals/Gold/stacked-gold-bars-13094022.jpg)
Daily analysis
Gold with an explosive move back up through 1950 & the February high at 1970/73 for yet another buy signal targeting 1990/92 & 2000. A high for the day exactly here over night but definitely no sell signal at this stage! If we continue higher look for 2013/15, 2026/29 & 2035/37.
Important support at 1973/70. Longs need stops below 1965. Next target & strong support at 1950/46. Longs need stops below 1940.
Silver through resistance at 2555/75 for a buy signal targeting 2600, 2640/50 & 2690/95.
Good support expected at 2580/70. Longs need stops below 2560. Next target & strong support at 2520/10. Longs need stops below 2500.
WTI Crude April break above 116.80 triggers the next leg higher in the longer term bull trend in hitting my targets of 117.40/45 & 119.20/60 but rocketing as far as 130.50. According to my Fibonacci extensions (all I have to go on now!!) this is quite an important level but of course shorts are very high risk in the bull trend. If we continue higher look for 132.90/133.10 then 138.00/139.00.
Minor support at 124.80/20 & 121.00/120.50. Below 120.00 risks a slide to 116.70/116.10 which fills the opening gap. Watch for a low for the day. Longs need stops below 115.00.
Author
Jason Sen
DayTradeIdeas.co.uk
Jason Sen began his career in the options pits on the trading floor of LIFFE in 1987 at the age of 19, making markets on his own account. In 2001 when the trading floor closed he successfully made the transition to day trading on computer screens.
