Gold Spot levels were becoming blurred now so I had to wait for clearer signals, which hopefully I have now. We tumbled back to minor support at 1925/20 & held 3 points below here
Silver outlook appears to be more negative & with important support 100 ticks away at 2400/2390 this week.
WTI Crude April beat the next resistance at 101.50/102.00 which is now working as support. We held just below strong resistance at 106.70/107.30 so this remains the main challenge for bulls.
Gold longer term support at 1900/1890 is the most important of the week. Holding minor support at 1925/20 today allows a recovery to 1935/37 before first resistance at 1955/60. Shorts need stops above 1965. A break higher targets 1980/83.
A break below 1915 signals a test of important support at 1900/1890. Longs need stops below 1880. A break lower sees 1890/1900 act as strong resistance for a sell signal targeting 1865 & 1840 before a buying opportunity at 1835/25. Longs need stops below 1815.
Silver closed below Thursday's low on Friday & holding below 2500/10 keeps the pressure on for a test of first support at 2455/45. Longs need stops below 2430. A break lower targets very strong support at 2400/2390. Longs need stops below 2370.
Minor resistance at 2525/35 then strong resistance at 2570/80, shorts need stops above 2590.
WTI Crude April very strong resistance at 106.70/107.30 - shorts need stops above 108.00. A break higher is a buy signal targeting 109.70/90, probably as far as 112.00.
Shorts at 106.70/107.30 target first support at 102.50/102.00 for profit taking. A break below 101.50 risks a slide to 9900/9850.
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