Commodities Analysis and Opinion

Gold Likely to Remain Volatile as Banking Crisis Develops

2023.03.16 06:34

was forming a bull flag as predicted. Longs at strong support at 1893/90 worked perfectly as we held above 1885 & shot higher to my targets of 1914, 1924/26 & 1935.

An easy 40-point profit. You’ve had a great week if you only did this trade all week.

Silver spent a long time holding resistance at 2095/2105 & it looked like silver could not break higher to follow Gold. However, eventually we broke higher for a buy signal & reached my target of 2190/99 with a high for the day exactly here.

Silver not as strong as gold but held minor support at 2150/40 to target minor resistance at 2210/20. I thought shorts here could be risky but in fact they worked perfectly if you tried them. Silver held below the stop at 2240 & collapsed to 2161.

MAY broke the lower end of the 4 month range.

We wrote: A break below 6990 targets 6920/00 & 6850/40, but we could eventually fall as far as 6650/20.

WOW! I did not expect that target to be hit in a few hours. If you managed to short on the break there was a very quick 300 tick profit offer before we hit 6565.

Today’s Analysis

Gold higher as expected yesterday, with longs at 1893/90 making huge profits on the bull flag breakout as we hit 1935. Still no sell signal although be aware that we do have negative divergence on the 4 hour chart. We could start to trade sideways, but likely to remain volatile as the banking crisis develops. Two support levels at 1909/05 & 1890/86. Both need a 5 point stop, as usual.

Targets for longs at 1909/05 are 1916 & 1923. Above 1926 can retest 1935/38. A break higher always possible & can target 1947/49 before a fret of the 1956/59 high. 

holds resistance at 2210/20. Again shorts need stops above 2240. A break higher is a buy signal & can target very strong resistance at 2295/2305.

Downside is expected to be limited with first support again at 2150/40. Longs need stops below 2130.

WTI Crude (May) offered a 300 tick profit on shorts on the break of support as we hit 6650/20.

Looking at the weekly chart below, we could have hit the targets for the breakout already.

Gold Chart

Gold Chart

We should have strong support at 6550/6450. Longs need stops below 6350. A break lower can target 6200/6150.

First resistance at 6900/6950. Shorts need stops above 7000. A break higher targets 7150.

Currency Pair Valuation

Video Analysis:

Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 96,435.84 0.66%
ethereum
Ethereum (ETH) $ 3,404.75 0.91%
tether
Tether (USDT) $ 0.998787 0.14%
xrp
XRP (XRP) $ 2.20 0.36%
bnb
BNB (BNB) $ 704.48 0.97%
solana
Solana (SOL) $ 190.75 0.63%
dogecoin
Dogecoin (DOGE) $ 0.320001 0.78%
usd-coin
USDC (USDC) $ 1.00 0.19%
staked-ether
Lido Staked Ether (STETH) $ 3,401.25 0.97%
cardano
Cardano (ADA) $ 0.899971 3.19%
tron
TRON (TRX) $ 0.260233 3.18%
avalanche-2
Avalanche (AVAX) $ 38.22 0.41%
the-open-network
Toncoin (TON) $ 5.84 1.83%
chainlink
Chainlink (LINK) $ 23.37 1.42%
wrapped-steth
Wrapped stETH (WSTETH) $ 4,039.18 0.99%
shiba-inu
Shiba Inu (SHIB) $ 0.000022 1.95%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 96,363.82 0.32%
sui
Sui (SUI) $ 4.35 1.80%
bitget-token
Bitget Token (BGB) $ 8.40 23.12%
hedera-hashgraph
Hedera (HBAR) $ 0.288133 1.18%
polkadot
Polkadot (DOT) $ 7.20 2.22%
stellar
Stellar (XLM) $ 0.361072 0.09%
weth
WETH (WETH) $ 3,404.83 0.98%
hyperliquid
Hyperliquid (HYPE) $ 27.98 8.51%
bitcoin-cash
Bitcoin Cash (BCH) $ 456.96 3.31%
leo-token
LEO Token (LEO) $ 9.18 1.16%
uniswap
Uniswap (UNI) $ 14.03 7.55%
litecoin
Litecoin (LTC) $ 104.68 0.52%
pepe
Pepe (PEPE) $ 0.000018 3.45%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,593.78 0.98%
near
NEAR Protocol (NEAR) $ 5.24 2.02%
ethena-usde
Ethena USDe (USDE) $ 0.997599 0.18%
usds
USDS (USDS) $ 1.00 0.31%
aave
Aave (AAVE) $ 343.63 0.42%
internet-computer
Internet Computer (ICP) $ 10.64 0.60%
aptos
Aptos (APT) $ 9.14 1.50%
crypto-com-chain
Cronos (CRO) $ 0.154497 1.63%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.496831 1.75%
mantle
Mantle (MNT) $ 1.22 1.80%
ethereum-classic
Ethereum Classic (ETC) $ 26.76 2.28%
vechain
VeChain (VET) $ 0.048086 0.05%
render-token
Render (RENDER) $ 7.40 2.38%
bittensor
Bittensor (TAO) $ 490.42 2.47%
monero
Monero (XMR) $ 192.12 0.03%
whitebit
WhiteBIT Coin (WBT) $ 24.61 0.09%
mantra-dao
MANTRA (OM) $ 3.68 0.45%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.34 3.61%
dai
Dai (DAI) $ 1.00 0.07%
arbitrum
Arbitrum (ARB) $ 0.786137 3.12%
virtual-protocol
Virtuals Protocol (VIRTUAL) $ 3.25 11.19%