Current Outlook for Commodities
Jason Sen | Feb 22, 2023 12:18AM ET
Gold traded mostly sideways for a week but I think this is a consolidation in a short-term bear trend & so the outlook remains negative. I think eventually we will head lower again.
Silver made a high for the day exactly at resistance at 2195/2205.
WTI crude MAY hold a range from 7300/7270 up to 8320/50. Resistance at 7760/7800, with a high for the day exactly here yesterday. If you did short, there was a potential profit of 150 ticks.
An inside day yesterday does not help me judge the direction for today in this volatile sideways consolidation.
h2 Today's Analysis/h2Gold meets strong resistance at 1850/53 on any bounce today. Shorts need stops above 1858. A break higher sees 1853/50 act as support targeting 1859/60, 1864/85 & perhaps as far as resistance at 1870/75. Shorts need stops above 1880.
Targets for shorts are 1840, 1835, and 1825. Eventually, we should retest last week's low at 1820/17. I do not expect this to hold for long & a break lower can target 1809/06.
Silver was a high for the day exactly at resistance at 2195/2205. Shorts need stops above 2215. A break higher can target 2235/40 & strong resistance at 2250/60. Shorts need stops above 2280.
Shorts at 2195/2205 can target 2170/65 & 2150/40. Eventually, we should retest 2125/15, although I have no idea of the timing.
A break below last week's low at 211 can target the 200-day moving average at 2100/2095
WTI Crude May still be difficult to read in the wide sideways trend. A break below 7550 today targets 7680/50. Below 7400 meets strong support at 7330/7280. Longs need stops below 7220.
We should have strong resistance again at 7760/7800. Shorts need stops above 7850.
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