Gold, Silver and WTI Crude shot higher to hit my targets
|Gold
- Gold initially shot higher as expected to 4497 in the morning.
- In midafternoon we broke first support at 4455/4450 and made a low for the day just a dollar above strong support at 4427/4423.
- I hope you managed to get in to a long position for the run higher to my next target of 4517/4520.
- Gold is about $130 higher after the buy signal as we hit more of my targets.
- Next target of 4530/4533 looks possible today
- If we continue higher look for 4541/4544 then 4553/4540.
- Downside is expected to be limited with support at 4445/4450.
- Longs need stops below 4430.
- Strong support at 4395/4390.
- Longs need stops below 4480.
Silver
- Silver hit all my next targets of 6775/6778, 6795/6799, 7000/7005, 7035/7040, 7065/7070, 7095/7099
- Silver hits a new all time high at 7270.
- Outlook remains positive with next targets of 7360, 7410/20 & 7460/7470.
- If we continue higher look for 7500/7510.
- First support at 7125/15 & longs need stops below 7090
- Strong support at 7080/7070 & longs need stops below 7040.
WTI Crude January futures
Last session low & high: 5774 - 5856.
(To compare the spread with the contract that you trade).
WTI Crude beat resistance at 5700/5720 this time to head for the next target of 5840/5860.
We made a high for the day exactly here.
Shorts at resistance at 5840/5860 need stops above 5920. A close above here before Christmas should be a buy signal when we open after the holiday period. This could take prices to the 6050 area.
Failure to beat 5840/5860 risks a slide to 5730/5700 for profit taking on shorts today.
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