Cyber Monday Deal: Up to 60% off InvestingProCLAIM SALE

Gold, WTI Crude Oil Analysis: Key Levels to Watch to Position Your Trades

Published 02/13/2024, 04:28 AM
XAU/USD
-
XAG/USD
-
GC
-
SI
-
CL
-

Trade Ideas for Tuesday 13th February 2024Trade Ideas

Gold XAU/USD broke the support as we wait for US Core Inflation Rate on Tuesday.  We should therefore have resistance at 2023/26 and shorts need stops above 2029. Shorts can target support at 2013/11. Longs here stop below 2009. A break lower however can target 2003/2000, perhaps as far as 1990.

A break above 2029 is a buy signal targeting 2032/33 but maybe no further. A break above 2035 however targets 2038. 

Silver XAG/USD should have resistance again at 2270/90 on any recovery today and shorts need stops above 2310. (A high for the day at 2307 yesterday kept us in the short position). A break higher targets 2030/35.

Shorts at 2270/90 target 2235 and 2215.

WTI Crude March future is only trading sideways but the move above 7660 hit my next targets of 7700 and 7730/40 with a high for the week exactly here last week.

We should meet strong resistance at 7790/7840. Shorts need stops above 7900.

On the downside, we should have strong support at 7520/7480 (with a low for the day at 7554 yesterday) and longs need stops below 7450.

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.