Crude Oil (WTI), Gold and Silver – Jason Sen And His Friday’s Analysis

Crude Oil (WTI), Gold and Silver – Jason Sen And His Friday’s Analysis

Gold Spot beat resistance at 1835 very briefly before reversing half way to strong 1.5 month trend line resistance at 1845/50.

Outlook is more negative now & we could head slowly towards the lower end of the recent range around 1805/00.

Silver broke higher to the next target of 2365/70 with a high for the day. Outlook is more negative for silver now in the 1 year bear trend.

WTI Crude March longs at our buying opportunity at 8890/60 worked perfectly again for the third day with a low for the day & eventually reaching my 9150 target.

Update daily at 06:30 GMT

Today's Analysis.

Gold hit first support at 1824/22 for profit taking on any shorts this morning. Holding below 1826/28 targets 1819/16. A low for the day morning is possible here but a break below 1814 is likely to target 1811/10 then 1805/01.

A break above 1830 however can target 1835, perhaps as far as 1840. Remember strong 1.5 month trend line resistance at 1845/50. Shorts need stops above 1855.

Silver has support at 2310/00 so a break below 2300 is likely to target 22650/60. We should pause here but a bounce may not happen in the bear trend. If we continue lower look for 2240/30.

Holding support at 2310/00 targets 2330/33. Unlikely but a break above 2340 can retest 2365/70.

WTI Crude March longs at our buying opportunity at 8890/60 (if they work again) target 9030/50 for a little profit taking but further gains are possible eventually to 9150 today in the longer term bull trend. Remember key 12 month trend line resistance at 9310/9330. If you think WTI Crude has run too far then a retest of this level could be your sell opportunity but you will need wide stops, I would suggest above 9390. A break higher is a buy signal as long as the move is sustained of course.

Another buying opportunity at 8890/60. Stop below 8830. A break lower targets 8750/30, perhaps as far as 8610/8590.

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Jason Sen

Jason Sen

Jason Sen began his career in the options pits on the trading floor of LIFFE in 1987 at the age of 19, making markets on his own account. In 2001 when the trading floor closed he successfully made the transition to day trading on computer screens. Jason used technical analysis throughout his trading career and formed which established itself as the leading provider of daily technical analysis to independent and professional traders within the investment bank community. He advises dozens of traders at up to 15 major investment banks and hedge funds on market movement throughout each trading day on The Bloomberg Professional® service. Jason Sen also provides trade ideas with entry, exit and target levels on Telegram & in daily reports to retail traders.