Gold, Silver And WTI Crude Daily Forecast
Jason Sen | May 19, 2021 03:34AM ET
Gold spot beats important 200 day moving average resistance at 1844/46 for a buy signal. (After the break, prices kindly dipped back to this level for a buying opportunity). Holding above the 9 month trend line at 1860/62 is yet another buy signal. (We bottomed exactly here on the pull back yesterday).
Silver spot topped exactly at first resistance at 2875.
WTI Crude JUNE Future beats 6600/20 for a buy signal but unexpectedly topped exactly at the target of 6695/99. News out of the middle east unexpectedly caused a crash to 6411.
h2 Today’s Analysis/h2Gold now holding support at the 9 month trend line at 1861/59 today, for a strong buy signal targeting 1868 and 1875. We topped exactly here and this is now the main challenge for bulls. A break above 1881 targets 1885 and 1890, eventually as far as 1920/25.
First support at 1861/59. Unlikely, but further losses meet a buying opportunity at 1846/44, stop below 1840.
Silver topped exactly at first resistance at 2875 but above here can target 2905/10 and 2970/80.
Downside is expected to be limited with support at 2820/10. Below 2790 risks a slide to 2775/70 and 2740/30.
WTI Crude holding first resistance at 6510/25 targets first support at 6450/30. Longs need stops below 6400. A break lower to targets 6360/50 & 2nd support at 6320/10. Longs need stops below 6290.
Disclaimer: First resistance at 6510/25. Above 6545 tests important resistance at 6600/20. A break higher targets 6655/60& 6695/99. If prices continue higher look for 6730/40 & resistance at 6790/6810. No representation or warranty is made as to the accuracy or completeness of this information and opinions expressed may be subject to change without notice. Estimates and projections set forth herein are based on assumptions that may not be correct or otherwise realised. All reports and information are designed for information purposes only and neither the information contained herein nor any opinion expressed is deemed to constitute an offer or invitation to make an offer, to buy or sell any security or any option, futures or other related derivatives.
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