Gold XAUUSD:
- Gold trades in a sideways consolidation to ease severely overbought conditions. I had warned that this was possible & it is perfectly normal after a swift move higher.
- Yesterday we recovered Wednesday’s losses & we are still holding within Tuesday’s range.
- Gold is likely to trade sideways for a little longer. We have minor resistance at the 2 day high at 2180/84. A weekly close above the all time high of 2195 should be a buy signal for the start of next week.
- We are waiting for prices to fall as far as a buying opportunity at 2147/42.
If we reach this level today, longs need stops below 2137. - A break below 2136 however risks a slide to 2225, perhaps as far as 2020.
Silver XAGUSD should find support at 2445/2435 on any correction to the downside & longs need stops below 2420
Targets: 2480 & 2510.
WTI Crude April future
- Finally made a breakout above 7970/8000 & also the more important March highs at 8045/8085.
- It looks like we are sustaining a break above 8100 for a buy signal targeting 8130/50 (hit yesterday) then 8200/8230. In fact even 8400/8450 is a realistic target if you want to try running a small position as far as this target in the days ahead.
- A weekly close below 8000 would make me question whether this breakout can be sustained next week.
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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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