Gold XAUUSD:
- Built on the 2 week bull trend & after we beat last week’s high on Friday at 2041/42 for a buy signal.
- After Thursday’s high exactly at resistance at 2049/50 prices reversed & made a low for the day on Friday exactly at the buy level of 2041/37 for up to 8 points profit.
- At last it all came together after such a long period of sideways inaction & as I promised it was worth waiting for the breakout. From 2041/37, we shot higher to the 2065 target & as far as 2088.
2088 happens to be the late December high so it is possible we will reverse from here. We still do not know if we are in a longer term bull trend, or if we are just testing the upper limits of a 4 year sideways consolidation. I would not try a short, that’s too risky. I do favour a push higher so I would take a break above 2090 as a buy signal for Monday targeting 2097/99, perhaps as far as 2106/08.
We are overbought in the short term so a dip to support at 2074/71 is certainly possible. Watch for a low for the morning if tested – longs need stops below 2069 but a break lower should meet a better buying opportunity at 2065/62. Longs need stops below 2057.
WTI Crude April future
- Initially finally beat resistance again at 7930/7980 for a buy signal but only reached 8085.
- I wonder if this price action is a copy of what happened in Gold on Friday.
- Prices dipped but held what should of course be support at 7980/7930, indicating that bull are gaining control at last.
Obviously bulls need prices to hold above 7980/7930 to confirm my buy signal for this week. Longs need stops below 7900.
If we do hold on to 7980/30 bulls will push for 8110/40 eventually & probably even 8200/20. I would even look for 8330/60 at some stage, although I cannot give you an idea of the timing unfortunately.
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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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