Gold, Silver And WTI Crude Daily Forecast
Jason Sen | May 06, 2021 07:07AM ET
Gold spot bottomed exactly at first support at 1771/69. Longs worked perfectly on the bounce to 1779/81 as we look for a test of strong 100 day moving average resistance at 1796/98.
Silver spot holding below first resistance at 2685/95 but finding buyers every time we test first support at 2625/15.
WTI Crude JUNE Future tests 500 week moving average resistance at 6600/6620.
h2 Today’s Analysis/h2Gold shot higher to 1790 as I write this morning as we look for a test of 100 day moving average resistance at 1796/98. Further strong resistance at 1803/06. A break higher is a buy signal targeting 1815 and 1822/23, perhaps as far as 1830/35.
Holding strong resistance at 1796/98 in the 3 week sideways trend re-targets first support at 1780/78. A low for the day is certainly possible here. However further losses retest support at 1771/69. Longs need stops below 1766. A break lower targets 1760/58. A break below 1756 risks a slide to 1752/50 and support at 1746/44.
Silver very minor resistance at 2655/60 then strong resistance at 2685/95. A break above 2710 is the next buy signal initially targeting 2725 then 2770/80.
First support at 2625/15 holding well with buyers here being offered a 30 ticks scalp.
Longs need stops below 2605. A break lower targets 2585/75.
WTI Crude shot higher to strong 500 week moving average resistance at 6600/6620.
We try a break above here, hitting the next target of 6655/60 but collapsed quickly below 6600. Yesterday we hit the first downside target of 6520/10. Below 6580 today meets strong support at 6460/40. Below 6420 however risks a slide to 6370/60 with very strong support at 6320/00.
Strong resistance at 6600/20 but above here can target re-targets 6655/60. Above 6680 look for 6730/40 and resistance at 6790/6810.
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