Gold Makes a Low at Buy Zone; WTI Crude Oil Rockets Higher
Jason Sen | Mar 19, 2024 04:10AM ET
- Gold trades in a sideways consolidation to ease severely overbought conditions exactly as predicted a week ago. It is perfectly normal after a swift move higher, but it is difficult to find opportunities in this phase.
- At last, we reached my downside target and buying opportunity at 2147/42 with a low for the day just below 2146. This trade worked perfectly with a bounce to 2162.
- Gold is likely to trade sideways for a little longer until we complete what is probably a short-term descending triangle. A break above 2170 would be more positive for today and could trigger a move towards 2179/80 and even a retest of the all-time high at 2192/94.
We have minor resistance at the 2-day high at 2180/84. A break above the all-time high of 2195 should be a buy signal this week. - We still have another buying opportunity at 2147/42. If we retest this level today, longs need stops below 2137.
- A break below 2136 however risks a slide to 2225, perhaps as far as 2020.
- WTI Crude Finally made a breakout above 7970/8000 and also the more important March highs at 8045/8085 for a buy signal targeting 8130/50 then 8200/8230, which was hit yesterday at last.
- In fact, even 8400/8450 is a realistic target if you want to try running a small position as far as this target in the days ahead. We are well on the way, reaching 8309 yesterday.
- A buying opportunity at 8160/40 today and longs need stops below 8090.
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