Gold Spot hit the target of 1766/64...

Gold Spot hit the target of 1766/64...

Gold Spot hit the target of 1766/64 but not quite as far as 1758/56. Silver we wrote: breaks strong support for a sell signal - holding below 2290/2300 is an important sell signal initially targeting 2230 & 2200.

We missed the 2200 target by only 15 ticks so far.

WTI Crude January broke important support at 6460/30 but bounced from 6243.

Update daily at 06:30 GMT

Today's Analysis.

Gold outlook negative & so gains are likely to be limited with first resistance at 1778/80. Strong resistance at 1786/89. Shorts need stops above 1792.

Shorts at 1778/80 target 1773/71 before a retest of 1763/61. A break lower eventually is likely, targeting 1758/56 & 1752/50.

Silver holding below 2290/2300 was an important sell signal initially targeting 2230 & 2200. We are almost there. Further losses are expected eventually to 2160/50.

Gains are likely to be limited with minor resistance at 2245/55 (a high for the day here yesterday in fact) then strong resistance at 2285/95.

WTI Crude January first resistance at 6765/85. Shorts need stops above 6840. A break higher targets 6930/50, perhaps as far as strong resistance at 6990/7120. Shorts need stops above 7170.

Shorts at 6765/85 target 6570/50 then 6460/40. Further losses retest 6260/40 although I do not see this as strong support. Further losses can target 6200/6174 & 5970/30.

Gold Spot hit the target of 1766/64 but not quite as far as 1758/56 - 1

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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.