Gold saw a high for the day exactly at resistance at 1859/61. Shorts worked perfectly hitting my target of 1830/25 for an easy 30 point profit on the day. We caught the exact high & low for the day (yet again!).
Silver we wrote: holding resistance at 2200/2220 as predicted, with a high for the day exactly here targets 2170/60 (hit yesterday with a low for the day exactly here in fact) & perhaps as far as 2135/30 today.
Perfect again as silver hits my target for our shorts at 2135/30, with a low for the day exactly here.
WTI Crude April holding a range from 7220/00 up to 8160/90.
Longs strong support at 7760/20 worked perfectly with a low for the day at 7725 & a nice recovery to 7840/80. A 100 tick profit.
Update daily by 05:00 GMT.
Today's Analysis.
Gold saw a high for the day exactly at resistance at 1859/61 as predicted yesterday. We have done well selling each bounce & holding shorts in Gold this week as prices tumble to my target of 1830/25. A low for the day exactly here in fact. Take note - we are oversold on the daily chart & testing what should be the only support for this week at 1830/25. A recovery is possible so it could be worth trying a long at 1830/25 with stop below 1820. Just be aware that a weekly close below 1825 means we could fall as far as 1790/80 early next week.
Longs at 1830/25 can target minor resistance at 1838/42. Too risky to try shorts here I think. A break above 1842 can target 1850, perhaps as far as a sell opportunity at 1858/62. Shorts need stops above 1866.
Silver shorts at resistance at 2200/2220 worked perfectly as we hit my targets as far as 2135/30 exactly as predicted. A break below 2125 today can target the 200 day moving average at 2100/2095.
Gains are likely to be limited in the bear trend with minor resistance at 2180/85. Above 2190 however can target strong resistance at 2210/15. Shorts need stops above 2225.
WTI Crude first resistance at 7860/7900. Shorts need stops above 7930. A break higher can target 8000/8020 before a retest of the February high at 8045/65. Bulls need a break above the 100 day moving average at 8100 to retest the January high at 8250/8290 - strong resistance at here from the 23.6% Fibonacci & the 500 day moving average. Shorts need stops above 8350. A break higher is an important buy signal.
Shorts at 7860/7900 can target 7800 & strong support again at 7760/20. Longs need stops below 7690. A weekly close below here is a sell signal for the start of next week.
