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Today's daily charts for Gold, Silver and WTI

Gold Daily

  • Gold prices are coiling above October’s high.

  • The trend remains firmly bullish within an ascending channel.

  • A break above 1250.63 confirms a bullish breakout, a counter-trend break of 1241.11 warns of a deeper correction.

Gold

Silver Daily

  • Silver remains in a sideways range, but a clear break above 14.91- 15.00 confirms a double bottom.

  • Range trading strategies are preferred between the 13.94 – 15.00 area.

  • Look for reversal patterns near support and resistance, as they have been a prominent feature of this range.

SILVER

WTI Daily

  • Crude oil is coiling to suggest a volatile move is pending.

  • With the trend clearly bearish, a break of 49.13 brings 45.62 and 42.08 lows into focus.

  • However, the lack of near term mean reversion would mean a counter-trend break above of 54.45 would see likely see a move to the 58.11.

WTI

Author

Matt Simpson, CFTe, MSTA

Matt Simpson is a certified technical analyst who combines charts and fundamentals to generate trading themes.

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