🤯 Have you seen our AI stock pickers’ 2024 results? 84.62%! Grab November’s list now.Pick Stocks with AI

Gold, Crude Strong, Silver Breaks Resistance

Published 08/01/2016, 12:03 AM
Updated 07/09/2023, 06:32 AM
XAU/USD
-
XAG/USD
-
GC
-
SI
-
CL
-

Gold:
Gold Daily Chart

Gold gave a great move on Friday and it looks extremely strong for the coming days as well. It is slightly extended and the moving averages are away. It may need some time to correct. We may see a small correction or a consolidation in this region. But, I would be long gold and it looks good to break year-highs very soon.

Current call: Hold longs for longer-term

Silver:
Silver Daily Chart

Silver has broken resistance in early morning trade. It is still slightly extended and I expected another day of consolidation. This is not a bad spot to go long, but it might so easily be a trap. I would wait and see what it does later in the day to go long. I would not enter it right now.

Current call: Avoid

Crude:
Crude Daily Chart

I've been wrong about crude for the majority of last week.

Crude put in a bullish candle on Friday and in early morning trade, the highs from Friday have been broken. Honestly this does not look like a bad spot to go long. Going counter-trend is always difficult where often you end up on the losing side. But at the same time it is also important to listen to the technicals. It is possible crude bottomed at 40.5 and is ready to move higher, but to say that with confidence would require patience and bullish inventory for this week.

Current call: Go long with stops below 40.5

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.