- Gold (XAU/USD) break above 2728 was our buy signal for this week targeting 2735 and 2746/49 for profit-taking.
- Yesterday we held just above 2740 to keep the bulls in control.
- The push higher through 2752 was another buy signal yesterday targeting 2761/62.
- We made a high for the day exactly here and hopefully, you bagged another 10 points profit to add to Monday's profits (and last week's profits where we were buying at 2695/90).
- Further gains are possible today despite overbought conditions and above 2764 look for 2772/74 before a retest of the all-time high at 2790.
- This will be key to direction but I would not try a short here - I will wait to see if there is a sell signal for a potential double top.
- A break above 2792 is another strong buy signal and I think this is the more likely scenario.
- This morning a short-term correction to the downside is certainly possible to ease overbought conditions.
- I think shorts are too risky and I prefer to wait and try to buy at 2740/36.
- Longs need stops below 2731. Targets: 2750, 2755, 2760
- The best buying opportunity is at 2723/2719 if we fall this far and longs need stops below 2714.
- Targets: 2730, 2736.
Silver
- Silver (XAG/USD) is not moving significantly so there are no opportunities that I can see.
- By Tuesday we recovered all of Friday's losses.
- Yesterday we held within the upper end of Tuesday's range.
- At this stage it's better to wait for clarity, or at least a tradeable trend or pattern as I can see no clear signals.
- Just be aware that a break above last week's high at 3100 can target 3112/14 and 3130.
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WTI Crude March Futures
Last session low and high: 7528- 7645.
(To compare the spread with the contract that you trade).
- WTI Crude just held the 7560/7600 resistance with prices reversing from 7645.
- Holding below here risks a slide to 7450/30 and even 7370/7330 (as reported yesterday).
- However, a break above 7650 (which did hold yesterday) signals we are establishing a short-term sideways range and prices could recover as far as resistance at 7700/7740.
- There is a good chance of prices reversing again from here but shorts need stops above 7790.
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