Gold remains in a volatile 2 month sideways channel from 1986/88 down to 1900/1895.
We are just forming a 2 week channel from 1942/40 up to 1976/78.
You can see for yourself that the chart is confusing & the weekly chart is no help as we remain in a 3 year sideways channel from 1613 up to 2070/72. We have been $100 higher & $70 lower from this point.
Yesterday we recovered a significant amount of Thursday's collapse so the bearish engulfing candle did not work as a sell signal. We are trading now where we were at the end of January & beginning of February so we have nowhere in 7 months.
Finding low risk trades within these sideways ranges is becoming more difficult, especially when candle formations are becoming less reliable. This is a market for short term scalpers only. We may have support at 1960/57. Longs here could target 1965, perhaps as far as 1970.
10 day trend line resistance at 1976/78. A break above 1980 however can retest the July high at 1986/87.
A break below 1955 suggest further losses towards 1950/48, perhaps as far as 2 week trend line support at 1942/40. Longs need stops below 1937. A break lower targets 1930/28.
Silver has no trend or pattern to follow from the weekly chart going back to 2020. We are right in the middle of the $12.50 range from 17.50 up to 30.00. The moving averages have flatlined. From this chart we have support at 2260/30 & resistance at 2600/2620.
On the daily chart we have tringle as the range narrows over the past 5 months but again the moving averages have flatlined of course. There is some support at 2410/00 but below 2390 can target support at 2300/2280.
Resistance at the 3 month trend line at 2500/20. A break above 2525 should be a buy signal.
In the short term we have some support at 2410/00. Longs need stops below 2390. Longs can target 2450.
WTI Crude September beat strong resistance at 7700/20 for the next buy signal to hit my targets of 7930/70, 8100/20 & now 8180. As I mentioned in the video, we could accelerate gains at this stage & we appear to be doing so. A break above 8200 today can target 8270 & 8310/20.
We are buyers on weakness in the bull trend with minor support at 8080/60 & better support at 7990/70. Longs need stops below 7930.
