Gold Builds Momentum After Bull Flag Breakout With Clear Upside Potential
Jason Sen | Jun 05, 2025 03:12AM ET
Gold
- Gold (XAU/USD) completed the bull flag pattern and consolidation phase and bull flag pattern for clearer signals.
- The target of 3365/70 was hit, and we only missed 3395/99 by $3 so far this week.
- However, we are consolidating sideways yet again with an inside day yesterday.
- Further gains today target 3365 and eventually 3380/90 is possible.
- A break above 3395 should be a buy signal targeting 3410/14 and the May high at 3434/38.
- On a retest of support at 3335/30 today, longs need stops below 3325.
- An unexpected break lower, however, can target 3318 and 3306/04.
Silver
- Silver (XAG/USD) made a low for the day at first support at 3405/3395 on Tuesday and held 10 ticks above here on Wednesday.
- We tackled key resistance at the 2024 high of 3486/87 but failed just above here yesterday.
- As I wrote yesterday, this must be beaten if bulls are to finally gain control of this market.
- Support again at 3410/00.
- However, below 3390 meets the next target and is an excellent buying opportunity at 3370/60.
- Longs need stops below 3350.
WTI Crude JULY Future
- Last session low and high: 6217 - 6396
(To compare the spread with the contract that you trade). - WTI Crude July held the support and resistance yesterday for another great scalping opportunity.
- contract trades in a 6-week range from 5495/5435 up to 6340/6410, with a high for the day inside this range for 3 days in a row.
- Movement is random, erratic, and unpredictable hour to hour in the sideways channel.
- Having held 6340/6410, a break above 6420 targets strong resistance at 6500/6550.
- Shorts need stops above 6600.
- A break higher is a buy signal targeting 6690, and even 6780/6800 is possible.
- Minor support at 6230/6180 saw a low for the day exactly here yesterday.
- Longs need stops below 6140 again today.
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