Gold break above 2,650 was a buy signal targeting 2,661/64, 2,670 and 2,677/79

Gold

• Gold break above 2650 was a buy signal targeting 2661/64 & the break above 2665 then hit targets of 2670 & minor resistance at 2677/79.

• We are just breaking above 2680 to hit the next target of 2691/94.

• If you have been long Gold on the way up from 2603 according to my report this week, we are hitting resistance at 2691/94 - a short is a bad idea in this bull trend but we are severely overbought in the short term so a high for the day is certainly possible here & I would at least lighten up on longs.

• Considering the huge profits, it may be sensible to exit and wait, especially as it is Friday.

• Why blow some profits before the weekend?

• However, if we continue higher look for 2706/09 before the weekend.

• Support at 2675/70 could see a low for the morning but longs need stops below 2660.

Silver

• Silver break above 3090 was a buy signal for this week but we have stalled just below the next target of 3160/65.

• It looks like we could reach 3190 on a break above 3170.

• Silver support at 3090/3080 with a low for the day here yesterday & longs need stops below 3060 today. (We just held above here yesterday).

WTI Crude January future

• Last session low & high for the December contract: 6886 - 7038. (To compare the spread with the contract that you trade).

• We wrote: WTI Crude beat strong resistance at 6880/6920 & made a high for the day at the next target of 6990. If we continue higher today look for 7040/70.

• We hit 7040/7070 within 2 ticks - so a high for the day exactly here.

• Support at 6970/50 today & longs need stops below 6900.