Get 40% Off
🚀 Our AI Picked 6 Stocks that Jumped +25% in Q1. Which Picks Will Soar in Q2?Unlock full list

Gold and Silver Move Higher as Dollar Resumes Short-Term Bear Trend: What's Next?

Published 12/20/2023, 02:23 AM
Updated 07/09/2023, 06:32 AM

Gold XAU/USD trades mostly sideways for 4 days as we consolidate Wednesday's big rally. Yesterday we moved back up towards the high of the 4-day range. As I have said, eventually the market will probably refocus on lower interest rates and gold will climb again. We hit the 2038/41 target and reached 2046. A break above 2049 beats last week's high and should be a buy signal targeting 2053/55 then 2062/65 and even 2073/76 is possible.

Support at 2020/15. Longs need stops below 2010.XAU/USD-4-Hours Chart

Silver XAG/USD still holding support at 2380/70 and longs need stops below 2350.

Targets: 2420, 2440, 2460.XAG/USD-4-Hours Chart

WTI Crude January futures held 7250/00 on the downside and bounced to the target 7380/7420. A break above 7450 targets 7500/7520, perhaps as far as 7570/90.

Support again at 7250/7200. A break below 7200 retests support at 7080/40 and remember we are in a short-term bear trend so longs are risky on a 3rd test.

A break below 7010 should be a sell signal targeting 6970/50 and 6890/6860.Crude Oil-4-Hour Chart

Latest comments

hi
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.