-
Gold Spot was at a low for the day exactly at first support at 1929/27 on Friday and again we remain buyers on weakness to support levels. UPDATE: Gold gapped higher on Sunday to reach 2000.
-
Silver also consolidated gains in the bull trend with no sell signal so we remained buyers on weakness to support levels. UPDATE: Silver gapped higher to 26.14.
-
WTI Crude April rocketed higher. A double top would trigger losses to 100 if confirmed, but we need to see what candle signals we get on Monday's close. UPDATE: WTI Crude has gapped higher on the open hitting 130.50.
Today's Analysis
Gold had an explosive move back up through 1950 and the February high at 1970/73 for yet another buy signal targeting 1990/92 and 2000. A high for the day exactly here overnight, but definitely no sell signal at this stage! If we continue higher look for 2013/15, 2026/29, and 2035/37. Important support at 1973/70. Longs need stops below 1965. Next target and strong support at 1950/46. Longs need stops below 1940.
Silver broke through resistance at 2555/75 for a buy signal targeting 2600, 2640/50, and 2690/95. Good support expected at 2580/70. Longs need stops below 2560. Next target and strong support at 2520/10. Longs need stops below 2500.
WTI crude April broke above 116.80 triggering the next leg higher in the longer term, bull a trend in hitting my targets of 117.40/45 and 119.20/60; rocketing as far as 130.50. According to my Fibonacci extensions (all I have to go on now!!) this is quite an important level, but of course, shorts are very high risk in the bull trend. If we continue higher look for 132.90/133.10 then 138.00/139.00.
Minor support at 124.80/20 and 121.00/120.50. Below 120.00 risks a slide to 116.70/116.10 which fills the opening gap. Watch for a low for the day. Longs need stops below 115.00.
Video Analysis