On the 1st March I began identifying the short term Gold bull trend & I wrote:
Gold XAUUSD is in a 2 week bull trend & beat last week's high on Friday at 2041/42 for a buy signal.
We hit the target & resistance at 2049/50 for a potential 7 point profit if you managed to buy the breakout.
Now Gold must hold above 2041/37 to maintain the short term bull trend.
2nd March: Gold made a low for the day on Friday exactly at the buy level of 2041/37....
At last it all came together after such a long period of sideways inaction & as I promised it was worth waiting for the breakout. From 2041/37, we shot higher to the 2065 target & as far as 2088....I do favour a push higher so I would take a break above 2090 as a buy signal for Monday targeting 2097/99, perhaps as far as 2106/08.
21 March: Gold completed the triangle consolidation pattern after making a low for the period exactly at my buying opportunity at 2147/42.
The break above 2164 was my buy signal yesterday targeting 2179/80 & the all time high at 2192/94.
The break above all time high of 2192/94 was the next buy signal & we have reached $2222. Further gains are expected eventually to 2240, 2250/52 & 2260.
Gold XAUUSD: higher again as predicted as we wrote on Friday: A break above 2315 targets 2325 then 2340/45.
- On Friday we initially dropped on the strong NFP number, as would be expected but this did not last long & prices swiftly reversed to reach 2330.
- Gold ignored data which could normally be expected to be negative for Gold. This just shows how strong the bull trend is. I have set ambitious targets but often these have been hit in a single day.
In fact only last Monday we soared through 2198 & hit my weekly target of 2260 that afternoon! - The close at the high of the day on Friday, the high of the week & at another new all time high suggests there are shorts being squeezed which is helping the strong buying momentum. There is nothing to suggest this is about to stop & so further gains are expected this week.
- On a break above 2332 today we target 2343/46 & 2359/62. Even 2370/74 is possible this week.
- Support at 2310/00 & longs need stops below 2285. On a break lower look for a buying opportunity at 2255/45 & longs need stops below 2230.
Silver XAGUSD broke minor support at 2680/70 & tumbled to just 6 ticks above my next downside target of 2620/00. That worked if you shorted the break lower but unfortunately it was just above my buying opportunity at 2620/00.
- Jumped 120 ticks from the 2626 low reaching 2749. Outlook remains positive as we look for 2765/70 then 2800/10 (probably today).
- Support at 2690/2675 & longs need stops below 2655. Further losses risks a retest of support at 2635/25 & longs need stops below 2610.
WTI Crude MAY future
- WTI Crude hit the next targets of 8655 then 8700/20 as predicted as we edge towards my next target of 8810/30 this week. Above here look for 8900/20.
- We remain buyers on any weakness with support at 8600/8580 & 8500/8480. Both buy levels need a 40 tick stop loss.
