Gold broke through resistance at 1878/88 & has cleared 1895 for a buy signal targeting 1905 & 1915, perhaps as far as 1925.
A nice move last week at the end of the week as we beat 1895 reaching 1921/22 on Friday.
Silver in a consolidation after 3 months of gains as we wait for a clear breakout.
WTI Crude February collapsed in the first week of January & then recovered almost all of the losses last week.
We could be forming an inverse head & shoulders with neck line at 8100. So a break above here is a buy signal.
Update daily by 05:00 GMT.
Today’s Analysis.
Gold buy signal has been triggered targeting 1905 & 1915 & 1925. Next targets for this week are 1935 & 1939.
First support at 1910/05. Longs need stops below 1902. A break lower can target 1893/90.
Silver is stuck in a range from 2350 up to 2455 for 4 weeks. First support at 2380/60 could hold the downside. Better support at 2330/20.
Holding above 2380 can target 2410, perhaps as far as 2430/40. Minor resistance at last week’s high of 2450/55 so a break above 2460 should be a buy signal this week.
WTI Crude February beat strong resistance at 7550/7600 to target 7800/20 & even 7900/30 yesterday as expected. Further gains look likely on Monday & meet resistance at the upper trend line of the 6 week range at 8090/8100. A break above 8130 meets stronger resistance at 8180/8210. A high for the day possible but shorts need stops above 8280. A break above here is an important buy signal & indicates the longer term bull trend has resumed.
Downside is likely to be limited for Monday. Minor support at 7940/20. Better support at 7840/10.
