Commodities Analysis & Opinion

Gold Headed Towards $1946/49


Gold missed my buy level of 1915/10 by just a point yesterday as we continue higher in the bull trend.

Silver cannot follow Gold higher as we remain in an erratic sideways trend and hold below strong resistance at 2380/2400.

Crude Oil WTI Futures April shorts at the upper end of the 2-month range at 8260/8300 worked perfectly with a high for the day exactly here and a slide to the first support at 8060/40 for a quick and easy 200 ticks profit on the day.

Today’s Analysis

Gold hit my next target of 1939 and headed towards 1946/49 as predicted. Holding longs and buying at support are working perfectly this week, as expected. Above 1950 look for 1958/59.

We should have good support at 1920/15 today. Longs need stops below 1910. Just be aware that we are severely overbought so that I will observe for a sell signal.

Silver held eight ticks above strong support at 2310/00 and just four ticks below strong resistance at 2380/2400, so we can try to trade these levels today. Shorts need stops above 2420.

Silver bulls need a break above 2455 double top high for a buy signal and a chance to catch up with the gold rally.

Just be aware that a close below 2290 on any day this week is a sell signal targeting 2255 and strong support at 2220/00.

WTI Crude February is choppy and erratic as we test first support at 8060/40 for a 200 ticks scalping profit. Longs need stops below 8000. A break lower today targets 7920/7880 (if you can stop and reverse into a short). Longs need stops below 7850.

First resistance at the upper end of the 2-month range at 8260/8300 again today, of course. A break above 8320 can target 8420/30 and 8470/90.



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