Gold support again at 1765/62 and longs need stops below 1757
|Gold, silver, WTI crude
Gold Spot longs at that important 1765/62 level worked perfectly on the bounce from 1759 to our 2 targets of 1773/75 & 1783/85. In fact, this was high for the day.
Silver Spot longs at our buying opportunity at 2320/10 worked perfectly on the bounce to 2370 & to with just 7 pips of the next target of 2420/30.
WTI Crude November minor warning in overbought conditions that we are running out of steam with profit-taking starting. However, there is no sell signal yet. Just be cautious with longs. For now, I would still be a buyer on weakness while we wait for a sell signal.
Daily analysis
Gold support again at 1765/62 & longs need stops below 1757. Again we target 1773/75 then 1783/85 for profit-taking. Very strong resistance again at 1790/95. Shorts need stops above 1800. A break higher is a medium-term buy signal initially targeting 1807/08 but eventually reaching 1830/35 next week.
A break below 1757 is a sell signal targeting 1749/47. Below 1744 risks a slide to 1739/37.
Silver buying opportunity at 2320/10 if we drop today, with stops below 2290. Holding here maintains the medium-term buy signal initially re-targeting 2370 & 2410/30 for profit-taking. This is the only resistance of the day. Shorts need stops above 2440. A break higher is a buy signal targeting 2490/2500.
A break below 2290 is a sell signal targeting 2275 & 2250/40 for some profit-taking on shorts.
WTI Crude longs at minor support at 8190/70 are working but the best support is at 8060/40. Longs need stops below 7990. A break lower however targets 7950/40 then a buying opportunity at 7890/50. Longs need stops below 7820.
The only resistance of importance is at 8380/8400. Shorts need stops above 8420. A break higher targets 8460/70 then 8495/8500. Further gains are likely eventually to 8560/80.
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