Stock market today: S&P 500 ekes out closing record high despite wobble in chips
Gold
- Gold (XAU/USD) held key support at 3309/00 on the open with a low for the day at 3293.
- Longs at key support at 3309/00 hit the 2 targets of 3320/23 and 3327/30 - a high for the day at 3337 so we made the most of the movement of the day.
- Longs need stops below 3291 on a retest of key support at 3304/00.
- A break below 3290 is a sell signal for this week targeting 3275/73, perhaps as far as 3263/60.
- A break above 3337 can target 3341/44, perhaps as far as 3348/50 but probably no further in this sideways consolidation phase.
Silver
- Silver (XAG/USD) finally made a move and shot higher through key resistance at the 2024 high of 3486/87.
- Perhaps bulls are to finally gain control of this market.
- Next (LON:NXT) target is 3730/45. We are closing in with a high for the day at 3689.
- Support at 3580/60 this morning but longs need stops below 3540.
- Strong support at 3500/3480 and longs need stops below 3460.
WTI Crude JULY Future
- Last session low and high: 6420 - 6543
(To compare the spread with the contract that you trade). - WTI Crude July creeping higher through 6340/6410, after holding this level for 4 days in a row and almost 4 weeks.
- Having held 6340/6410 for so long, the break above 6420 targets strong resistance at 6500/6550. (We made a high for the day exactly here yesterday).
- Shorts need stops above 6600.
- A break higher is a buy signal targeting 6690 and even 6780/6800 is possible.
- The target for shorts is 6390/6370 and a low for the day is certainly possible here but longs need stops below 6300.
- A bounce from here however, can retest 6000/6550.