Gold Targets $1935; Silver Bulls Take a Break
Jason Sen | Jan 24, 2023 04:26AM ET
Gold longs at my buy level of 1915/10 worked perfectly with a low for the day at 1911 before we shot higher to 1932 for a quick and easy 15-point profit. That's up to 50 points profit in gold over the last week.
Silver is moving in the opposite direction as we plunge to 2274 after last week's double top sell signal. Crude Oil WTI Futures April tests the upper end of the 2-month range at 8260/8300 and remains very clear in a 6-month sideways trend.
Gold longs make up to 15 points profit yesterday as we head for the 1935 target and look for 1939 before the end of the week. Further gains are certainly possible towards 1946/49.
We should have good support at 1915/10 today. Longs need stops below 1905.
Silver overran strong support at 23.10/00 by 26 ticks before a rebound to 23.48. Strong resistance at 23.80/24.00. Shorts need stops above 24.20.
Silver bulls obviously need a break above the 24.55 double top high for a buy signal and a chance to catch up with the gold rally.
Just be aware that a close below 22.90 on any day this week is a sell signal targeting 2255 and strong support at 22.20/00.
WTI Crude February was choppy and erratic, with no clear trend after the failed bullish breakout. I must wait for a signal or a breakout. First resistance at the upper end of the 2-month range at 8260/8300. A break above 8320 can target 8420/30 and 8470/90.
First support at 8060/40 for a potential 100-150 ticks scalp but longs need stops below 8000. Next downside target and support at 7930/00. Longs need stops below 7860.
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