Trade Ideas for Friday 15th February 2024
If you managed to buy some at 160.90 (this was the low for the day so it would have been tough to get the position on I know), the pair immediately shot higher to the 161.50 target as we remain in a sideways range.
Try this trade again today.
recovered almost all of Tuesday’s steep losses on the weak retail sales number. We hit the sell level and just held below the stop.
collapsed 130 pips, back below the 150 area to hit my buy level of 149.55/35, with a low for the day at 149.53.
retests and holds the sell level at 6520/40 as again, we remain yet another in a sideways consolidation.
Gold, silver, and technical analysis and trade ideas for Friday:
Gold got very close to strong resistance at 2010/2014 with a high for the day at 2008. This should be an excellent sell opportunity today with stop above 2017. A break above 2017 keeps us in a frustrating sideways channel which means we could recover all of this week’s losses and reach 2028/30.
Shorts at 2010/2014 target 2000/1998 and below 1995 look for 1990/1988 for profit taking before the weekend.
Silver recovered all this week’s very steep losses as we remain in a sideways channel, unable to find any direction. We retested strong resistance at 2265/85 and shorts need stops above 2305. (Yesterday’s high was 2305).
A break higher targets 2326/29, perhaps as far as 2340/44.
WTI Crude March future shorts at strong resistance at 7790/7840 worked perfectly as we collapsed from 7877 to my targets of 7730 and 7700/7680 then my next target of 7590/70 with a low for the day exactly here yesterday.
However, prices then reversed to recover all of Wednesday’s losses as WTI Crude remains in a longer-term sideways channel. In fact we are still trading around the September 2022 lows having gone up a bit and down a bit, but holding a $30 range for 17 months.
We are retesting strong resistance at 7790/7840 at the upper end of the 3.5-month range. Shorts need stops above 7900.
A break above 7900 is a buy signal for today with a break above the January high of 7929 triggering further gains to 7960/80 and as far as 8000/8020. In fact a move as far as 8090/8110 is not out of the question.