Gold has serious triple top risk with last week’s high for the week at the all time high.
Gold collapsed again this time breaking support at 2037/34 to hit a buying opportunity at 2010/2005 (& wiping out 2 days of string gains). Longs needed stops below 2000 & we dipped to 1999, but if you managed to hold on to the position, we did bounce to 2018 by the close.
Holding below 2008/2010 today keeps the pressure on for 2003/2002. A break below 1998 can target 1985/83.
Bulls need a bounce from 2008-2003 to target 2016/18. Above 2020 look for 2030. A break above 2035 is required to target 2050.
Silver crept slowly higher from my buying opportunity at 2460/50 on Tuesday to test minor resistance at the April high at 2590/2610. Shorts worked if you tried them with a collapse to minor support at 2520/2510. A low for the day exactly here.
We have double top risk in silver. Key support at 2515/2510. Longs need stops below 2500. A break lower is a sell signal targeting support at 2470/60. Longs need stops below 2440. A break below here is a more important sell signal for this week & can initially target 2375/70.
Obviously we have resistance at 2590/2610. Bulls need a break above here for a buy signal this week.
WTI Crude (June) has a potential double bottom buy signal after Thursday’s bullish hammer candle at the longer term support level at 6525/6360 on the weekly chart.
We beat 23.6% resistance at 6820/40 to hit my target of 7100/7140. A potential 300 ticks profit if you managed to buy in to a long as prices stretched to 7180. I could argue that we now have a bullish morning star candle pattern for another buy signal.
Therefore a break above 7200 today can target 7340/70.
Failure to hold above 7100 risks a slide to 700/6980, perhaps as far as support at 6870/30. Longs need stops below 6770.
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Daily technical analysis & signals – Gold, Silver & WTI Crude https://www.daytradeideas.co.uk/product/gold-silver-forecast/
