Gold Makes A New All Time High: What Now?
Jason Sen | Mar 06, 2024 06:35AM ET
- Gold's break above 2120 saw us retest the all-time high at 2135. But we did not sustained the break and reversed from 2141.
- A break above here is another buy signal initially targeting 2146/49, perhaps as far as 2160/62, but it is possible gains will be more limited in severely overbought conditions.
- 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 2105/2100 but I see the best support at 2093/90 and longs need stops below 2080.
- 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 with a high for the day yesterday at 7949.
- WTI Crude remains mostly in a sideways consolidation and keeps just finding new ranges.
- We made a low for the day only 8 ticks below strong support at 7790/60 and longs worked perfectly on the bounce to my targets of 7860 and 7930, with a high for the day only 19 ticks above here.
- We may have established a new short-term range from 7790/60 up to 7930/70.
- Same support at 7790/60 for a buying opportunity again today with stop below 7720.
- Targets: 7860, 7930, and even 7970 is possible.
- A break below 7720 today however risks a slide to 7690 and 7600/7580.
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