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Gold Hits Key $2690 Support Shortly After This Week's Open - What's Next?

ByJason Sen
Published 01/21/2025, 03:11 AM
XAU/USD
0.96%
GC
1.23%
CL
-4.28%
  • Gold (XAU/USD) made a low for the day at support at 2695/2690 a few hours after this week's open.
  • Our longs here worked perfectly as we hit targets: 2700, 2705, 2710.
  • Bear in mind that Gold is in a 4 month sideways consolidation and so it is unlikely to be too long before prices reverse again.
  • We should meet resistance again at 2724/26 if we see further gains today but a break above 2728 this week is a buy signal targeting 2735 and perhaps as far as 2746/49 for profit-taking.
  • Support again at 2695/2690 and longs need stops below 2685.
  • A break lower risks a slide to 2673/70.

Gold Daily Chart

WTI Crude March Future

  • Last session low and high: 7582- 7786.
    (To compare the spread with the contract that you trade).
  • WTI Crude broke strong support at 7770/7730 in the February contract or 7720/7650 in the March contract.
  • The break lower hit targets of 7600/7560 in the March contract and we made a low for the day here.
  • We should meet resistance at 7700/7740. Shorts need stops above 7790.
  • Support at 7600/7560 but longs need stops below 7520.
  • A break lower risks a slide to 7450/30 and even 7370/7330.

Crude Oil-Daily Chart

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