Gold Headed for All Time High; WTI Crude Stalls Again: Levels to Watch
Jason Sen | Mar 05, 2024 05:04AM ET
- Hovered from 2078 up to 2088 all morning before a burst higher in the afternoon.
- The break above 2090 was my buy signal for Monday and we immediately shot higher targeting 2097/99 and then 2106/08 for a quick and easy 15-point profit
- Gold reached as far as 2119.
- It's been a great week trading Gold, from buying at 2025/2020 at the start of last week and scalping from here up to initial resistance at 2049/50. Then jumping on the buy signal breakout above 2050.
- The outlook remains positive despite severely overbought conditions. On a break above 2120, we can retest the all-time high at 2135. Obviously, a sustained break above here is another buy signal initially targeting 2146/49.
- I remain a buyer on any weakness (profit taking) although it is difficult to identify short-term support levels because the move higher has been so fast on Friday and Monday.
We should have some support at the psychological number of 2100 but I see the best support at 2090/85 and longs need stops below 2080.
h2 WTI Crude April Future:/h2- Unfortunately trading WTI Crude has not been so easy
- It's 2 steps forward and 1 step backward for this market.
- Prices have broken back below 7980/7930.
- We should have strong support at 7790/60 for a buying opportunity with stop below 7720.
- Targets: 7860, 7930 and even 7990 is possible.
- A break below 7720 risks a slide to 7690 and 7600/7580.
It’s not the smartest traders who succeed, nor those who work the longest hours. It’s traders who learn how to control their emotions.
/h2
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