Gold Makes a Low for the Day Exactly at First Support at 2370/65
Jason Sen | Apr 17, 2024 04:23AM ET
XAU/USD made a low for the day exactly at first support at 2370/65 and longs worked on the bounce to all my targets of 2380, 2390, 2395.
- First support again at 2370/65 and longs need stops below 2355.
Targets again are: 2380, 2390, 2395. - A break lower however risks a retest of KEY SUPPORT AGAIN AT 2325/20 TODAY. Longs need stops below 2315. Targets: 2345, 2355, 2365.
- On a break above 2400 take this as a buy signal and look for 2418/22 before a retest of the all-time high at 2428/31.
- We saw strong selling pressure here last week. I still think it would be risky to short here again today but if you try (hoping to see a negative double top form) place a stop above 2435.
A break below 2315 suggests the important support at 2325/20 has been broken and it should then act as resistance and trigger further significant losses towards 2305, 2295, and 2290/85 for profit taking on shorts. Just be aware that a break below 2280 targets a buying opportunity at 2265/60 and longs need stops below 2250.
XAG/USD, however, collapsed through first support at 2855/45 but made a low for the day at support at 2800/2790 and longs need stops below 2770.
- First support at 2800/2790 and longs need stops below 2770.
Targets: 2845, 2890. - A break lower however risks a slide to 2750/40 and perhaps as far as 2710/00.
A break above 2855 can be taken as a buy signal for today targeting 2900 for profit taking.
h2 WTI Crude MAY future /h2- WTI Crude has been yo-yoing now for 10 days as we held mostly within Monday's range.
- For this reason, it is a very tricky time to position trade. Moves are random and erratic, with no clear pattern or trend. Although I think this is a consolidation so I think eventually we will break above 8800 and continue higher.
- On the downside, we should have a buying opportunity at 8320/8280 and longs need stops below 8240.
Targets: 8390, 8480
A break above 8800 however should target 8900/20 and even 9050/80.
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