Trade Ideas for Thursday 8th February 2024.
Gold XAU/USD has a 2-month rising trend line from the 13th of December offering support at 2020/2017. Longs need stops below 2014.
There is a horizontal 1-month trend line at 2063/67. Shorts need stops above 2071.
Unfortunately, these are not the strong levels I usually find in Gold but they are all I have to go on at this stage because Gold has been stuck in a sideways channel for at least 2 months, still trading at the same levels as the beginning of December.
Silver XAG/USD should have resistance at 2270/90 on any recovery today & shorts need stops above 2310.
WTI Crude March futures have reversed yet again, winning back much of Friday's steep losses and beating resistance at 7340/70 and targeting strong resistance at 7450/80. Shorts need stops above 7540.
It's not easy to identify low-risk trades as WTI Crude has been stuck in a sideways channel for at least 2 months, still trading at the same levels as the beginning of December.
We have a lower 2-month trend line at 7230/7190. Longs need stops below 7150.