Oil and gold price recovery within the range
2023.02.17 09:41
Oil and gold price recovery within the range
Gold made a low for the day precisely at 1830/25, the one and only support for the week. This was a great call on Gold! Longs reversed from 1845 and performed flawlessly on the bounce to minor resistance at 1838/42.
The day’s high for silver was at 2180/85, where shorts could easily make 45 points.
Perfect once more because silver reaches my target for our shorts at 2135/30, which is also where the day’s low is.
Oil might have a range between 7300/7270 and 8320/50.
As predicted, gold touched its day’s low precisely at 1830/25, the only support for this week! As I write this, we are retesting this level overnight to attempt a long at 1830/25 with a stop below 1820. Just keep in mind that if the weekly close falls below 1825, we could fall as low as 1790/80 in the early part of next week (or today!).
Minor resistance at 1838/42 can be re-targeted by longs at 1830/25. We would have a double-bottom buy signal if we hold the support at 1830/25 today, making it too risky to try shorts here (though it would have worked yesterday). A break above 1842 could lead to 1850, possibly even an opportunity to sell at 1858/62. Stops above 1866 are needed by shorts.
Silver shorts at resistance at 2180/85 performed flawlessly, setting a day’s high precisely at this point before retesting my target of 2135/30 for a 45-tick profit. Today’s levels are the same. The 200-day moving average at 2100/2095 could be reached in the event of a break below 2125 today.
With minor resistance at 2180/85, gains in the bear trend are likely to be limited. However, above 2190, strong resistance at 2210/15 can be reached. Stops above 2225 are needed by shorts.
May WTI Crude: 7900-7950 is the initial resistance. Shorts need stops over 8000. A higher break could lead to the February high at 8060/90. Look for 8250/8290 above 8100.
Shorts can target 7800 and 7750 from 7900 and 7950. If we continue to decline, seek 7600 or 7550.
