Gold, WTI Crude Oil Analysis: Key Levels to Watch to Position Your Trades
Jason Sen | Feb 13, 2024 04:28AM ET
Gold XAU/USD broke the support as we wait for US Core Inflation Rate on Tuesday. We should therefore have resistance at 2023/26 and shorts need stops above 2029. Shorts can target support at 2013/11. Longs here stop below 2009. A break lower however can target 2003/2000, perhaps as far as 1990.
A break above 2029 is a buy signal targeting 2032/33 but maybe no further. A break above 2035 however targets 2038.
Silver XAG/USD should have resistance again at 2270/90 on any recovery today and shorts need stops above 2310. (A high for the day at 2307 yesterday kept us in the short position). A break higher targets 2030/35.
Shorts at 2270/90 target 2235 and 2215.
WTI Crude March future is only trading sideways but the move above 7660 hit my next targets of 7700 and 7730/40 with a high for the week exactly here last week.
We should meet strong resistance at 7790/7840. Shorts need stops above 7900.
On the downside, we should have strong support at 7520/7480 (with a low for the day at 7554 yesterday) and longs need stops below 7450.
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