Gold, silver & WTI Crude technical analysis & trade ideas:
Gold XAUUSD tested resistance at 2023/26 & below 2029 keeping us short. Gold collapsed on the CPI release & immediately broke support at 2013/11 to hit the next targets of 2003/2000 & 1990. A low for the day exactly here in fact.
$1990 is the 100 day moving average so a small bounce from here is certainly possible although not guaranteed & I think longs are very risky. I would prefer to use any recovery to try shorts at 2007/2010 with stop above 2015. Targets for the shorts are 1998 & 1991.
A break below 1987 is today’s sell signal (stop above 1993) targeting 1981/80 & 1974/72. Further losses are possible eventually as far as 1967/65.
Silver XAGUSD shorts at resistance at 2270/90 worked perfectly as prices collapsed from 2293 hitting my targets of 2235 & 2215. A break below 2185 is today’s sell signal targeting 2160, 2140 & perhaps as far as 2110/2100.
WTI Crude March future is only trading sideways but the move above 7660 hit my next targets of 7700 & 7730/40 & now strong resistance at 7790/7840. Shorts need stops above 7900.
A break above 7900 is a buy signal for today with a break above the January high of 7929 triggering further gains to 7960/80 & as far as 8000/8020. In fact a move as far as 8090/8110 is not out of the question.
Shorts at strong resistance at 7790/7840 target 7730 & 7700/7680. A low for the day is possible here. However a break below 7660 signals further losses towards 7590/70.
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