Gold, Silver, WTI Crude Technical Analysis
Daily Technical Analysis is provided by Jason Sen of Day Trade Ideas, who has been day trading since the late 1980’s. Jason has been a contributor of Traders Summit since the beginning. He primarily focuses on providing technical analysis of the financial markets, including stock chart patterns, Forex and Metals setups, and other useful technical analysis.
Gold Spot we are long at that important 1765/62 level.
Silver Spot longs at our buying opportunity at 2320/10 worked perfectly as we bounce to 2350 this morning.
WTI Crude November we wrote: closed above 8200/20 for another buy signal targeting 8280/90 & 8330/50, perhaps as far as 8400/10.
We reversed just 13 ticks from the upper target of 8400. Update daily at 06:30 GMT
Gold meets support at that old favourite level of 1765/62. Longs need stops below 1757. Longs here target 1773/75 (hit this morning) then 1783/85. Very strong resistance again at 1790/95. Shorts need stops above 1800. A break higher is a medium term buy signal initially targeting 1807/08 but eventually reaching 1830/35 next week.
A break below 1757 is a sell signal targeting 1749/47. Below 1744 risks a slide to 1739/37.
Silver buying opportunity at 2320/10 with stops below 2290. Holding here maintains the medium term buy signal initially targeting 2370 & 2420/30.
A break below 2290 is a sell signal targeting 2275 & 2250/40 for some profit taking on shorts.
WTI Crude made it almost as far as 8400/10 then collapsed to where we started at 8200. In severely overbought conditions this is a minor warning that we are running out of steam with profit taking starting. However there is no sell signal yet. Just be cautious with longs. For now I would still be a buyer on weakness while we wait for a sell signal. Minor support at 8190/70. Best support at 8060/40. Longs need stops below 7990.
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Jason Sen, Director