Key Levels to Watch for Gold, WTI Crude, US Dollar Pairs Ahead of US CPI
Jason Sen | Feb 12, 2024 04:33AM ET
Gold XAU/USD has a 2-month rising trend line from the 13th of December offering support at 2020/2017 and we saw a low for the day & the week. However, with very little volatility, we did not get much of a bounce as we wait for the US Core Inflation Rate on Tuesday. Further gains today can target 2030, perhaps as far as minor resistance at 2035.
On a retest of the support which is a little higher today at 2022/2019, we need stops below 2016.
A break lower however can target 2003/2000.
There is a horizontal 1-month trend line resistance at 2063/67. Shorts need stops above 2071.
Silver XAG/USD should have resistance at 2270/90 on any recovery today (a high for the day exactly here on Friday) and shorts need stops above 2310. A break higher targets 2030/35.
Shorts at 2270/90 target 2235 and 2215.
WTI Crude March futures are only trading sideways but the move above 7660 hit my next targets of 7700 and 7730/40 with a high for the day exactly here in a quiet session.
We should meet strong resistance at 7790/7840. Shorts need stops above 7900.
On the downside, we should have strong support at 7520/7480 and longs need stops below 7450.
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