Gold reached the resistance at 1878/88 with a high for the week exactly here. There is no sell signal yet but obviously today's direction will be driven by the US CPI number, with 6.4% expected. The levels for today are very clear on the 4 hour chart.
Silver in a 1 month erratic sideways trend. This is probably a consolidation after 3 months of gains, but I must wait for a clear breakout.
WTI Crude February in a 7 month bear trend but may be establishing a short term sideways consolidation. So far we are holding a range from $73 up to $81.
Today's Analysis.
Gold again made a high for the day exactly at resistance at 1878/88. Bulls need to clear 1895 for a buy signal targeting 1905 & 1915, perhaps as far as 1925.
Very minor support at 1872/70 this morning then better support at 1863/60. A break below 1857 however risks a slide to 1855 & strong support at 1849/45. Longs need stops below 1840.
Silver is stuck in a range from 255 up to 2455 for 4 weeks. Today we meet a buying opportunity at 2305/2295. Longs need stops below 2280. Targets are 2330 & 2360.
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Minor resistance at 2360/70 but above 2380 can target 2410, perhaps as far as 2430/40. Minor resistance at this week's high of 2450/55 so a break above 2460 should be a buy signal.
WTI Crude February beat strong resistance at 7550/7600 at the end of the day to target 7800/20 & even 7900/30 is possible. Further gains meet resistance at the upper trend line of the 6 week range at 8100.
Minor support at 7600/7580 but below 7540 can target 7470/50, perhaps as far as 7400.
