Gold Faces Key Resistance
- Gold (XAU/USD) 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 and 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 and 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.
Silver Trading Within Range
- Silver (XAG/USD) should meet support at 3300/3290 and 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 Futures
Last session low and high: 6906 - 7022 (To compare the spread with the contract that you trade).
- WTI Crude held above 6860/6900 yesterday and beat 6970 for the next target of 7000 and perhaps as far as 7060/80 today.
- First support at 6910/6890 and 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.
