Matt Simpson, CFTe, MSTA
CityIndex
Gold Daily
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Gold prices are coiling above October’s high.
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The trend remains firmly bullish within an ascending channel.
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A break above 1250.63 confirms a bullish breakout, a counter-trend break of 1241.11 warns of a deeper correction.
Silver Daily
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Silver remains in a sideways range, but a clear break above 14.91- 15.00 confirms a double bottom.
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Range trading strategies are preferred between the 13.94 – 15.00 area.
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Look for reversal patterns near support and resistance, as they have been a prominent feature of this range.
WTI Daily
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Crude oil is coiling to suggest a volatile move is pending.
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With the trend clearly bearish, a break of 49.13 brings 45.62 and 42.08 lows into focus.
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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.
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