Gold spot we wrote: is severely overbought so we could trade sideways to lower in to the end of the week.
We held 3 points above strong support at 1859/57. Same levels apply for today after the inside day.
Silver spot struggles higher – 2 steps forward, 1 step back.
WTI Crude JULY Future trending significantly lower this week
Today’s Analysis
Gold may consolidate and form yet another bull flag. May be wise to scalp the levels until we break above 1900. First support at 1872/70, better support at 1859/57. A break below 1854 risks a slide to 1850/49 and strong support at 1844/42.
Minor resistance at 1882/84 and 1890 but above 1900 can target 1920/25.
Silver holding good support at 2760/50. Longs need stops below 2735. A break lower targets 2690/80.
Minor resistance at 2800/05. Above 2820 can retest resistance at 2870/75. Above here can target 2905/10 and 2970/80.
WTI Crude holding below 6250 retests the 6195/65 low. Further losses target 6075/65 before a buying opportunity at 5980/30. Longs need stops below 5900.
Holding above 6300 allows a recovery to strong resistance at 6380/6400. Further gains meet a selling opportunity at 6450/6480. Shorts need stops above 6500.
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