16 February 2024
Gold XAUUSD got very close to strong resistance at 2010/2014 with a high for the day at 2008. This should be an excellent sell opportunity today with stop above 2017. A break above 2017 keeps us in a frustrating sideways channel which means we could recovery all of this week’s losses & reach 2028/30.
Shorts at 2010/2014 target 2000/1998 & below 1995 look for 1990/1988 for profit taking before the weekend.
Silver XAGUSD recovered all this week’s very steep losses as we remain in a sideways channel, unable to find any direction. We retested strong resistance at 2265/85 & shorts need stops above 2305. (Yesterday’s high was 2305).
A break higher targets 2326/29, perhaps as far as 2340/44.
WTI Crude March future shorts at strong resistance at 7790/7840 worked perfectly as we collapsed from 7877 to my targets of 7730 & 7700/7680 then my next target of 7590/70 with a low for the day exactly here yesterday.
However prices then reversed to recover all of Wednesday’s losses as WTI Crude remains in a longer term sideways channel. In fact we are still trading around the September 2022 lows having gone up a bit and down a bit, but holding a $30 range for 17 months.
We are retesting strong resistance at 7790/7840 at the upper end of the 3.5 month range. 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.
