Commodities Analysis and Opinion
Gold: A Breakout and Close Above $2350 Could Be an Important Buy Signal
2024.06.21 03:05
Gold
- Gold () initially hit the sell level of 2345 and reversed to 2331. Well done if you took the profit in time because Gold then immediately and unexpectedly reversed, breaking the short-term descending channel and/or a 1-month descending triangle for a buy signal.
- We unexpectedly beat strong resistance at 2345/50 and shorts were stopped above 2355.
- As we wrote yesterday, a break and close above 2350 is an important buy signal so we are at critical levels now.
Next targets are: 2365, 2375, 2385. A break above 2390 can target 2410/15. - Today we should therefore have support at 2350/40 if we see any weakness and longs need stops below 2335.
Just be aware that a weekly close below 2335 will therefore be totally confusing!!!
Silver
- Silver () beat minor resistance at 2955/65 yesterday and we wrote: with bulls taking control we could run as far as 3050/55 and 3090/99. We are almost there as I write and further gains are possible to 3145/55 into the beginning of next week.
- Support at 3030/20 today and longs need stops below 3000.
WTI Crude August Future.
Yesterday’s low and high for the AUGUST contract: 8030 – 8152.
- August continues higher as predicted to my next target of 8130/40 and a high for the day almost exactly here. Further gains are expected towards 8190/8200 today.
Support at 8000/7960 was unfortunately missed by about 30 ticks yesterday.
Support at 8030/8000 today and longs need stops below 7960.
Friday’s trade ideas with stop loss and targets.
