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Gold And Silver Break Consolidation, Crude Sluggish

Published 07/28/2016, 12:58 AM
Updated 07/09/2023, 06:32 AM

Gold

Gold Daily Chart

As suggested yesterday, Gold broke the resistance at 1335 courtesy the Fed decision to leave interest rates unchanged. Gold looks very good for a long and looks set to take out 2016 highs.

Current Call: Hold Longs

Silver:
Silver Daily Chart


Silver gave an absolutely amazing move once it broke consolidation. I suggested yesterday to go long above 19.8. That trade already fetched 4%. That's absolutely amazing. The target of 20.45 was also achieved.

Current Call: Avoid

Crude Oil:
Crude Daily Chart

Crude had a major sell-off after extremely disappointing inventories. There was an inventory surplus instead of a short-fall. Such data is very bad for longs. If you did not get out either before or after inventories yesterday and still have your long, a good idea would be to hold longs and give it to the low from yesterday for shorts.

Current Call: Long with stops below 41.8

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