Gold, Silver, and WTI Crude Oil Hit Buy Targets: What's Next?
Jason Sen | Apr 04, 2024 03:23AM ET
Gold (XAU/USD) is higher again as predicted as we hit my next target of 2292/94 and look for 2310/13 today.
- A break above 2315 targets 2325 then 2340/45.
- It is very difficult to identify good support levels because the move higher has been so swift but we should have minor support at 2282/78 then strong support at 2267/63. Longs here need stops below 2259.
Silver (XAG/USD dipped to my buy level and support at 2495/75 and managed to make a low for the day here on Monday.
- Longs worked perfectly as we shot higher to all of my targets and reached as far the next targets of 2652/57 and 2685/89.
- We have reached 2730 as I write and on further gains we look for 2765/70 then 2800/10. I would not be surprised to see these targets achieved before the end of the week.
- There could be minor support at 2680/70 and longs need stops below 2650.
WTI Crude MAY Future
- WTI Crude has now rallied 400 ticks after we beat the triangle's upper trend line resistance at 8200/8220 for a buy signal and yesterday we hit the next target of 8610/30 with a high for the day exactly here.
- Further gains are expected and should target 8655 then 8700/20. Just be aware that even 8810/30 is possible in the days ahead.
- The downside is expected to be limited today, in the 3-month bull trend, with 1st support at 8560/40. Longs need stops below 8500.
Targets: 8610, 8650/55 and 8700.
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