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Gold Holds Strong Support but Overbought Indicators Suggest Caution

ByJason Sen
Published 04/14/2025, 02:27 AM
Gold Spot US Dollar
0.00%
Silver Spot US Dollar
-1.31%
GC
0.66%
SI
-0.67%
CL
-1.60%

Gold

  • Gold (XAU/USD) beat 3164/67 for a buy signal and shot higher to the next target of 3225/29 and more than halfway to 3255/60.
  • A break above 3260 targets 3271/74 and 3280/83.
  • Above 3285, look for 3300/3304.
  • Over the last 16 hours, we saw 3 very negative candles on the 1-hour chart.
  • Obviously, I am not taking this as a sell signal.
  • Just be aware that we are overbought after such strong gains with short-term indicators suggesting we are slowing upside momentum.
  • Strong support at 3220/3216. Longs need stops below 3209.
  • Targets: 3230, 3238, 3242
  • A break lower could test strong support at 3185/3175, and longs need stops below 3170.
  • Targets: 3198, 3205, 3210.

Gold 4-Hours Chart

Silver

  1. Silver (XAG/USD) stalled for a long time at 3120/30 for profit-taking on longs.
  2. It looked like we could be forming a more negative rising wedge, but we broke the upper trend line of the pattern.
  3. The break above 3155 was a buy signal for Friday, targeting 3200/3220, and we made a high for the day almost exactly here on Friday.
  4. We should have support at 3200, and longs need stops below 3180.
  5. A break above 3230 is a buy signal for this week, targeting 3245/50, and even 3270/75 is likely.

Silver 4-Hours Chart

WTI Crude MAY Future

  • Last session low and high: 5943 - 6187
    (To compare the spread with the contract that you trade).
  • WTI Crude made a low for the day exactly at support at 5940/5900.
  • As predicted, the move above 6070 on Friday was a buy signal targeting 6100 and minor resistance at 6140/6180.
  • In fact, we made a high for the day at 6187.
  • On a retest of support at 5940/5900, longs here need stops below 5830.
  • A break above 6200 targets 6230/6240, and above here, we can retest minor resistance at 6340/80.
  • Shorts need stops above 6420. A break higher can target 6550/6590 for profit-taking on longs.
  • A break below 5830 WTI Crude could hit 5700/5680.
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WTI Crude-4-Hour Chart

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Latest comments

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Daniel VandenbergApr 14, 2025, 22:25
interesting if you're a trader but for someone who's in Gold for the long haul not so much. you'll never see gold go down significantly to erase the 35% gains I made in the last couple years. The dollar the Fiat currency is at its end of life cycle and is going to be crushed. I think holding gold long-term is a pretty safe bet. and if it does go down I'll be buying it on the dips.
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