Silver XAGUSD met resistance at the 7 month trend line at 2385/95 but over ran to 2410 before reversing. This level is relevant again today but I need a wider stop this time!!...above 2420. A weekly close above here is a buy signal for next week & we could easily jump 60 to 80 ticks.
Targets for shorts: 2365, 2335 & perhaps as far as 2320.
WTI Crude December futures shorts at 7920/7970 worked perfectly this week hitting my 1st target of 7790/60 on Tuesday & the next target of 7660 on Wednesday & 7530/00 yesterday.
I hope you caught the 400 tick move. We collapsed as far as 7216 yesterday, wiping out 750 ticks in just 2 days. Although oversold I see no reason why we could bounce from here so I cannot suggest a long. I think gains are likely to be limited with this week downside momentum & we should meet resistance at 7370/7410. If we continue higher look for a sell opportunity at 7500/7540, stop above 7600. Targets: 7410, 7350, 7320.
