Gold Trades Sideways as Predicted
2023.03.17 06:05
Currency Pair Value
trades sideways as predicted.
Gold Chart
made a low for the day exactly at first support again at 2150/40.
Silver Chart
MAY made a high for the day exactly at first resistance at 6900/6950.
WTI Crude Oil Chart
Today’s Analysis
Gold still has no sell signal, although be aware that we do have a negative divergence on the 4-hour chart. We could start to trade sideways, and we certainly did yesterday, as predicted. Two support levels again at 1909/05 and 1890/86. Both need a 5-point stop, as usual.
Targets for longs at 1909/05 are 1916 and 1923. Above 1926 can retest 1935/38. A break higher is always possible, and we can target 1947/49 before a fret of 1956/59 high.
Silver a high for the day exactly at resistance at 2210/20. Again shorts need stops above 2240. A break higher is a buy signal and can target very strong resistance at 2295/2305.
A low for the day exactly at first support at 2150/40. Longs need stops below 2130. A break lower targets 2085/80 and 2050/40.
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. We certainly saw a good bounce from here yesterday and made a high for the day exactly at first resistance at 6900/6950.
WTI Crude Oil Weekly Chart
We should have strong support again 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.
Video Analysis:
