6 March
Gold XAUUSD:
- The break above 2120 saw us retest the all time high at 2135. But we did not sustained the break & reversed from 2141.
- A break above here is another buy signal initially targeting 2146/49, perhaps as far as 2160/62, but is possible gains will be more limited in severely overbought conditions.
- I remain a buyer on any weakness (profit taking) although it is difficult to identify short term support levels because the move higher has been so fast on Friday & Monday.
- We should have some support at the psychological number of 2105/2100 but I see the best support at 2093/90 & longs need stops below 2080.
WTI Crude April future
- Unfortunately trading WTI Crude has not been so easy
- It’s 2 steps forward & 1 step backwards for this market.
- Prices have broken back below 7980/7930 with a high for the day yesterday at 7949.
- WTI Crude remains mostly in a sideways consolidation & keeps just finding new ranges.
- We made a low for the day only 8 ticks below strong support at 7790/60 & longs worked perfectly on the bounce to my targets of 7860 & 7930, with a high for the day only 19 ticks above here.
- We may have established a new short term range from 7790/60 up to 7930/70.
- Same support at 7790/60 for a buying opportunity again today with stop below 7720.
Targets: 7860, 7930 & even 7970 is possible. - A break below 7720 today however risks a slide to to 7690 & 7600/7580.
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With almost 40 years experience, Jason Sen began trading his own account on the floor of the London International Financial Futures Exchange at the age of 19, in 1987. He spent 15 years specialising in market making interest rate and index options on floor then moved on to trading forex on screen at the turn of the millennium. He is also recognised as a skilled technical analyst developing this expertise for the last 20 years.
His extensive trading experience from the LIFFE trading floor to screen trading and deep understanding of technical analysis give him a thorough understanding of the financial markets and the factors that drive them.
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