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Gold Makes a Low for the Day Exactly at First Support at 2370/65

By Jason SenCommoditiesApr 17, 2024 04:23AM ET

www.investing.com/analysis/gold-makes-a-low-for-the-day-exactly-at-first-support-at-237065-200647715

By Jason Sen | Apr 17, 2024 04:23AM ET

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XAU/USD

+0.87%

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XAG/USD

+1.38%

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Gold

+1.59%

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Silver

+2.06%

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Gold :
XAU/USD made a low for the day exactly at first support at 2370/65 and longs worked on the bounce to all my targets of 2380, 2390, 2395.

First support again at 2370/65 and longs need stops below 2355.
Targets again are: 2380, 2390, 2395.

A break lower however risks a retest of KEY SUPPORT AGAIN AT 2325/20 TODAY. Longs need stops below 2315. Targets: 2345, 2355, 2365.

On a break above 2400 take this as a buy signal and look for 2418/22 before a retest of the all-time high at 2428/31.

We saw strong selling pressure here last week. I still think it would be risky to short here again today but if you try (hoping to see a negative double top form) place a stop above 2435.

A break below 2315 suggests the important support at 2325/20 has been broken and it should then act as resistance and trigger further significant losses towards 2305, 2295, and 2290/85 for profit taking on shorts. Just be aware that a break below 2280 targets a buying opportunity at 2265/60 and longs need stops below 2250.
Gold Price Chart

Silver:

XAG/USD, however, collapsed through first support at 2855/45 but made a low for the day at support at 2800/2790 and longs need stops below 2770.

First support at 2800/2790 and longs need stops below 2770.
Targets: 2845, 2890.
A break lower however risks a slide to 2750/40 and perhaps as far as 2710/00.

A break above 2855 can be taken as a buy signal for today targeting 2900 for profit taking.

WTI Crude MAY future

WTI Crude has been yo-yoing now for 10 days as we held mostly within Monday's range.
For this reason, it is a very tricky time to position trade. Moves are random and erratic, with no clear pattern or trend. Although I think this is a consolidation so I think eventually we will break above 8800 and continue higher.
On the downside, we should have a buying opportunity at 8320/8280 and longs need stops below 8240.
Targets: 8390, 8480

A break above 8800 however should target 8900/20 and even 9050/80.

Crude Oil 4-Hour Chart

Trade Ideas

Video Analysis:

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Gold Makes a Low for the Day Exactly at First Support at 2370/65

Silver:

WTI Crude MAY future

Video Analysis:

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