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Gold and WTI Crude: Technical Analysis: Key Levels to Watch Today

Published 02/27/2024, 04:51 AM
Updated 07/09/2023, 06:31 AM

Gold

  1. Hit support at 2028/25 with a low for the day exactly here.

  2. Gold then bounced to 2033 so this did offer a 5 to 7 point profit as I suggested. I am happy we maximized the opportunity on a very quiet day.

  3. We can only scalp in the short term while we wait for a breakout and indication that a trend is forming. We could be waiting for a couple of weeks.

Two support levels again at 2028/25 and at 2020/2018. Keep stops tight, I suggest 2-3 points stops with a 5-7 point target.

Obviously, a break above last week's high on Friday at 2041/42 should be a buy signal for Gold and can target 2-month trend line resistance at 2049/50. Shorts need stops above 2053. A break higher could see 2050/49 act as support to target 2057/58.

WTI Crude April Future

  1. Reversed from just below resistance at the mid/late November high and the January/February high from 7929 up to 7980 on Friday.

  2. Prices collapsed throughout the session to first support at 7780/7740 but did not hold here and continued lower to the next target of 7660 and as far as the next target of 7580/60 on the open yesterday.

We made a low for the day only 4 points above the next downside target  7580/60 and raced straight back up to 7803 to recover most of Friday's steep losses. WTI Crude Prices are up for a day or two then down for a day or 2 as we remain in a choppy sideways channel, ranging from 7580/50 up to 7930/80.

A break above 7810 today can target 7880/7920. Obviously, the bulls need a break above 8000 for a buy signal this week.

Holding below 7740/80 risks a slide to 7650/20, perhaps as far as 7580/60. A break below 7530 could test some support at 7450/7400.Crude Oil ChartEmini S&P 4-Hour Charts

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