Gold XAUUSD trades mostly sideways for 3 days as we consolidate Wednesday's big rally. Yesterday we held within Friday's range with a low for the day 4 points above support at the October & short term 38.2% Fibonacci level of 2012/2008.
Longs here today need stops below 2005.
If we continue lower, the best support I see for this week is at 2000/1995. Although there is no Fibonacci support here, price action & the 200 period MA on the 4 hour chart could attract buyers. Longs need stops below 1990.
Eventually the market will probably refocus on lower interest rates & Gold will climb again. If we do bounce from 2000/1995 look for 2020/23, perhaps as far as 2027/29. Above 2030 look for 2033 & 2038/41.
Silver XAGUSD consolidates sideways but did find support at 2380/70 again yesterday & longs need stops below 2350.
Targets: 2420, 2440, 2460
WTI Crude January futures made a low for the day again at minor support at 7090/60 & longs worked perfectly if you tried the trade (despite the bear trend) with a bounce up to 7200/7250. The break above 7250 met strong resistance at 7350/7400.
We reversed from just above here at 7426. I think it is fair to say the levels worked. Prices then collapsed to 7250/00 which held the downside.
So a bounce from here re-targets 7380/7420. A break above 7450 targets 7500/7520, perhaps as far as 7570/90. A break below 7200 retests support at 7080/40 & remember we are in a short term bear trend so longs are risky on a 3rd test.
A break below 7010 should be a sell signal targeting 6970/50 & 6890/6860.
