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Gold's Potential Breakout Above $2022

Published 02/20/2024, 04:05 AM
Updated 07/09/2023, 06:31 AM

Gold XAU/USD meets strong resistance at 2014/18 this week and shorts need stops above $2022. (A high for the day at $2022 yesterday keeps us in the short position at this stage). A break above 2022 today however keeps us in a frustrating sideways channel which means we could recover all of last week's losses and reach $2028/30, perhaps as far as $2034.

Shorts at $2014/18 target $2005 and $2000/1998 for some profit taking. Below $1995 look for $1990/1988 for profit taking on any remaining shorts.

Silver XAG/USD shorts at strong resistance at 2265/85 were stopped above 2305. If you managed to reverse into a long we immediately hit the next targets of 2326/29 and 2340/44 with a high for the day just above at 2350 on Friday.

So 2290/80 is now the support for this week and we are hitting this area now as I write overnight. Longs need stops below 2270.

WTI Crude March future drifted unconvincingly above 7900 to reach the January high of 7929 as we test the upper end of the 3-month range. We should have resistance at the mid/late November high and the January high from 7929 up to 7977 as we become overbought on the daily and short-term charts.  If you think we will remain in a sideways rising triangle then shorts here need stops above 8000. A break higher targets 8110/8140.

If you try a short in the 7929 - 7977 area look for targets of 7880/50 and first support at 7780/7740. A low for the day is certainly possible here, (bearing in mind that the recent price action sees us up one day, down the next day) but longs need stops below 7700.

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Latest comments

Sir, send your article daily as usual
Do you think Gold will pass 2050 this week
This week how high do you think gold will surge
👍💐
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