Gold, WTI Crude Oil Analysis: Key Levels to Watch to Position Your Trades

XAU/USD
-0.04%

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XAG/USD
+1.13%

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Gold
-0.11%

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Silver
+1.22%

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CL
-1.68%

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Trade Ideas for Tuesday 13th February 2024Trade Ideas

Gold XAU/USD broke the support as we wait for US Core Inflation Rate on Tuesday.  We should therefore have resistance at 2023/26 and shorts need stops above 2029. Shorts can target support at 2013/11. Longs here stop below 2009. A break lower however can target 2003/2000, perhaps as far as 1990.

A break above 2029 is a buy signal targeting 2032/33 but maybe no further. A break above 2035 however targets 2038. 

Silver XAG/USD should have resistance again at 2270/90 on any recovery today and shorts need stops above 2310. (A high for the day at 2307 yesterday kept us in the short position). A break higher targets 2030/35.

Shorts at 2270/90 target 2235 and 2215.

WTI Crude March future is only trading sideways but the move above 7660 hit my next targets of 7700 and 7730/40 with a high for the week exactly here last week.

We should meet strong resistance at 7790/7840. Shorts need stops above 7900.

On the downside, we should have strong support at 7520/7480 (with a low for the day at 7554 yesterday) and longs need stops below 7450.

Source