Gold likely to turn lower in the days ahead
|Gold
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Gold break above 2760 killed the bearish engulfing candle signal & was our buy signal targeting 2775/77, 2785/86 & 2789/90, which as predicted was reached before the release of NFP on Friday.
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In fact we made a new all time high exactly at 2790.
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However prices unexpectedly crashed suddenly through my buying opportunity at 2774/71 & longs stopped below 2767.
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As I wrote in my update yesterday: Gold could have resistance at 2744/48 & shorts need stops above 2754.
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A break above 2754 can target 2760, perhaps as far as strong resistance at 2765/70 & shorts here need stops above 2775.
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A break below 2730 meets support at 2718/14 & longs need stops below 2708
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A break below 2708 can target 2698/95 & 2685/80.
Silver
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Silver broke first support at 3380/70 & longs stopped below 3355 & can target 3233/38 then 3180/60.
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Resistance at 3280/3300 & shorts need stops above 3310.
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Targets: 3250, 3238/33 & perhaps as far as 3180.
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However a break above 3310 can target 3050/70.
WTI Crude December future
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Last session low & high for the December contract: 6830 - 7080.
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WTI Crude did break above 6925 yesterday to trigger a gap close, targeting 6990 then 7080 as predicted.
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Strong resistance at 7080/7110 could be a sell opportunity but shorts need stops above 7150.
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Targets: 7010, 6950, perhaps as far as 6890/6880.
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If we continue lower look for 6820/6810.
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Just be aware that a break above 7150 can target 7190/7220.
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