Gold, Silver, WTI Crude Oil: Key Levels to Watch

Commerce Concepts for Friday fifteenth February 2024

If you happen to managed to purchase some at 160.90 (this was the low for the day so it could have been robust to get the place on I do know), the pair instantly shot greater to the 161.50 goal as we stay in a sideways vary.

Do this commerce once more as we speak.

recovered nearly all of Tuesday’s steep losses on the weak retail gross sales quantity. We hit the promote degree and simply held beneath the cease.

collapsed 130 pips, again beneath the 150 space to hit my purchase degree of 149.55/35, with a low for the day at 149.53.

retests and holds the promote degree at 6520/40 as once more, we stay one more in a sideways consolidation.

Gold, silver, and technical evaluation and commerce concepts for Friday:

Gold obtained very near robust resistance at 2010/2014 with a excessive for the day at 2008. This needs to be a superb promote alternative as we speak with cease above 2017. A break above 2017 retains us in a irritating sideways channel which implies we might get better all of this week’s losses and attain 2028/30.

Shorts at 2010/2014 goal 2000/1998 and beneath 1995 search for 1990/1988 for revenue taking earlier than the weekend.

Silver recovered all this week’s very steep losses as we stay in a sideways channel, unable to search out any route. We retested robust resistance at 2265/85 and shorts want stops above 2305. (Yesterday’s excessive was 2305).

A break greater targets 2326/29, maybe so far as 2340/44.

WTI Crude March future shorts at robust resistance at 7790/7840 labored completely as we collapsed from 7877 to my targets of 7730 and 7700/7680 then my subsequent goal of 7590/70 with a low for the day precisely right here yesterday.

Nevertheless, costs then reversed to get better all of Wednesday’s losses as WTI Crude stays in a longer-term sideways channel. The truth is we’re nonetheless buying and selling across the September 2022 lows having gone up a bit and down a bit, however holding a $30 vary for 17 months.

We’re retesting robust resistance at 7790/7840 on the higher finish of the three.5-month vary. Shorts want stops above 7900.

A break above 7900 is a purchase sign for as we speak with a break above the January excessive of 7929 triggering additional beneficial properties to 7960/80 and so far as 8000/8020. The truth is a transfer so far as 8090/8110 will not be out of the query.