Gold, Silver, WTI Crude Oil Are in Well-Established Bull Trends
Jason Sen | Apr 08, 2024 02:58AM ET
On the 1st March, I began identifying the short-term Gold bull trend and I wrote:
Gold XAU/USD is in a 2-week bull trend and beat last week's high on Friday at 2041/42 for a buy signal.
We hit the target and resistance at 2049/50 for a potential 7-point profit if you managed to buy the breakout.
Now Gold must hold above 2041/37 to maintain the short-term bull trend.
2nd March: Gold made a low for the day on Friday exactly at the buy level of 2041/37
At last it all came together after such a long period of sideways inaction and as I promised it was worth waiting for the breakout. From 2041/37, we shot higher to the 2065 target and as far as 2088. I do favour a push higher so I would take a break above 2090 as a buy signal for Monday targeting 2097/99, perhaps as far as 2106/08.
21 March: Gold completed the triangle consolidation pattern after making a low for the period exactly at my buying opportunity at 2147/42.
The break above 2164 was my buy signal yesterday targeting 2179/80 and the all-time high at 2192/94.
The break above all-time high of 2192/94 was the next buy signal and we have reached $2222. Further gains are expected eventually to 2240, 2250/52 and 2260.
Gold XAU/USD: higher again as predicted as we wrote on Friday: A break above 2315 targets 2325 then 2340/45.
- On Friday we initially dropped on the strong NFP number, as would be expected but this did not last long and prices swiftly reversed to reach 2330.
- Gold ignored data which could normally be expected to be negative for Gold. This just shows how strong the bull trend is. I have set ambitious targets but often these have been hit in a single day.
In fact only last Monday we soared through 2198 and hit my weekly target of 2260 that afternoon! - The close at the high of the day on Friday, the high of the week and at another new all-time high suggests there are shorts being squeezed which is helping the strong buying momentum. There is nothing to suggest this is about to stop and so further gains are expected this week.
- On a break above 2332 today we target 2343/46 and 2359/62. Even 2370/74 is possible this week.
- Support at 2310/00 and longs need stops below 2285. On a break lower look for a buying opportunity at 2255/45 and longs need stops below 2230.
Silver XAG/USD broke minor support at 2680/70 and tumbled to just 6 ticks above my next downside target of 2620/00. That worked if you shorted the break lower but unfortunately, it was just above my buying opportunity at 2620/00.
- Jumped 120 ticks from the 2626 low reaching 2749. Outlook remains positive as we look for 2765/70 then 2800/10 (probably today).
- Support at 2690/2675 and longs need stops below 2655. Further losses risks a retest of support at 2635/25 and longs need stops below 2610.
Get The News You Want
WTI Crude MAY future
- WTI Crude hit the next targets of 8655 then 8700/20 as predicted as we edge towards my next target of 8810/30 this week. Above here look for 8900/20.
We remain buyers on any weakness with support at 8600/8580 and 8500/8480. Both buy levels need a 40 tick stop loss.
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.