WTI Crude Oil Beats the December High for a Short Term Buy Signal

01/02/2025

1 minute read

2025.01.02 05:16

has just broken above December’s high of 7144, signaling a more positive outlook.

As noted, a break above 7180 could spark buying interest and trigger stops on short positions, with targets at 7240/7280 for profit-taking on long positions.

A break above 7295 would signal further buying, targeting 7360/7390.

If WTI Crude fails to surpass 7240/7280, it risks remaining in a sideways range, potentially sliding to 7210/00 or even to stronger support at 7155/35. Long positions should place stops below 7095 to mitigate risk.

Crude Oil Daily Chart

Gold

Gold () remains in quite an erratic sideways channel – poor trading conditions, especially at this time of the year when volumes are lower than normal.
The most recent 14-day range is from 2582 up to 2639.
Holding above 2626/29 can target 14-day high at 2638/39.
A break above 2641 this week could trigger some buying pressure targeting 2650/51.
If Gold continues higher look for 2658/59, perhaps as far as minor resistance at 2663/65.
A high for the day is possible here. Shorts need stops above 2674.
There should be support at 2605/00.
A break below 2600 risks a slide to 2590/85.
A break below the December low at 2582 could trigger further downside pressure towards 2575/72, perhaps as far as 2563/60.
We must patiently wait for a breakout, trend or pattern to form.

Gold 1-Hour and Daily Chart

Gold-1-Hr and Daily Chart

Silver

Silver () also remains in quite an erratic sideways channel – poor trading conditions, especially at this time of the year when volumes are lower than normal.
We should encounter resistance again at 2960/70.
Shorts need stops above 2990.
A break higher may only reach 3010/20 but above here can target 3050/55.
We could meet resistance at 3055/3065 but shorts need stops above 3095.
Holding resistance at 2960/70 can target 2925/20.
Below 2910 look for a tret of the December double bottom low at 2885/75.
A break of December’s low of 2872 targets 2850, perhaps as far as 2830/25.