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Gold spot - we remain buyers on weakness in the bull trend and yesterday minor support at 1982/80 held early in the session. We hit all out next targets of 2013/15, 2026/29 and 2035/37 before hitting 2069.
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Silver - we wrote: through resistance at 2555/75 for a buy signal targeting 2600, 2640/50 and 2690/95. All targets hit with a high for the day exactly at 2690/95. We remain buyers on weakness to support levels.
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WTI crude April rocketed from our buying opportunity at 116.70/116.10 to hold just below important Fibonacci extension resistance at 130.50. A $10 collapse however overran my support at 121.00/120.50 by almost 100 ticks before the recovery.
Today's Analysis
Gold was higher again, as expected, of course, reaching 2069, very close to the all time 2072 high so obviously this is important and the only thing that can stop gold. However, a sustained break above 2077 will start a new leg up in the bull trend targeting 2092/95 and 2100, perhaps as far as 2120/24.
No sell signal so downside is expected to be limited with support at 2027/24, Below 2014 risks a slide to to strong support at 2003/2000. Longs need stops below 1990.
Silver through resistance at 2555/75 hitting all targets as far as 2690/95 with a high for the day exactly here. First support at 2625/20 could hold the downside but below 2010 can target very strong support at 2580/70. Longs need stops below 2550. A break above 2700 in the bull trend is the next buy signal targeting 2717/20 and 2725/35, perhaps as far as 2765/75.
WTI Crude April has Fibonacci extension resistance at 130.50 as I wrote yesterday, but of course shorts are very high risk in the bull trend. If we continue higher (we are likely to eventually) look for 132.90/133.10 then 138.00/139.00. Minor support at 124.80/20 again this morning and at 121.00/120.50. Longs need stops below 119.00 for a move towards 118.00/117.50, perhaps as far as a buying opportunity at 115.00/114.00, Longs need stops below 113.00.
Video Analysis