Trading the range is working on Gold this week

Jason Sen DayTradeIdeas.co.uk

XAU/USD

Gold shorts at resistance at 3029/3033 worked perfectly for the 3rd day in a row yesterday with a high for the day below 3032.

A good profit offered on the slide to 3016.

Good support again today in the 3004/3001 range & longs need stops below 2996.
Targets: 3012, 3020.

Gold is probably forming another sideways consolidation because we have rejected the longer term 1 year ascending trend line I talked about last week.

Resistance again at 3029/3033 & shorts need stops above 3036.
Targets: 3022, 3014.

Just be aware that a break below 2996 is a sell signal targeting 2986/84, perhaps as far as 2980/78.

Also a break above 3036 can target 3043/45.

XAG/USD

Silver should meet support at 3300/3290 & longs need stops below 3265.

A high for the day exactly at minor resistance at 3380/90 but a break above 3397 today can target the March high at 3415/25.

On a break above 3425 look for a retest of the 2024 high at 3480/90.

WTI Crude May future

Last session low & high: 6906 - 7022.

WTI Crude held above 6860/6900 yesterday & beat 6970 for the next target of 7000 & perhaps as far as 7060/80 today.

First support at 6910/6890 & longs need stops below 6860.
Targets: 6960, 7010.

A break below 6860 risks a slide to 6830 before support at 6790/6760. Longs need stops below 6740.

Author

Jason Sen

DayTradeIdeas.co.uk

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