Gold likely to turn lower in the days ahead

Gold

• 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.

• In fact we made a new all time high exactly at 2790.

• However prices unexpectedly crashed suddenly through my buying opportunity at 2774/71 & longs stopped below 2767.

• As I wrote in my update yesterday: Gold could have resistance at 2744/48 & shorts need stops above 2754.

• A break above 2754 can target 2760, perhaps as far as strong resistance at 2765/70 & shorts here need stops above 2775.

• A break below 2730 meets support at 2718/14 & longs need stops below 2708

• A break below 2708 can target 2698/95 & 2685/80.

Silver

1. Silver broke first support at 3380/70 & longs stopped below 3355 & can target 3233/38 then 3180/60.

2. Resistance at 3280/3300 & shorts need stops above 3310.

3. Targets: 3250, 3238/33 & perhaps as far as 3180.

4. However a break above 3310 can target 3050/70.

WTI Crude December future

1. Last session low & high for the December contract: 6830 - 7080.

2. WTI Crude did break above 6925 yesterday to trigger a gap close, targeting 6990 then  7080 as predicted.

3. Strong resistance at 7080/7110 could be a sell opportunity but shorts need stops above 7150.

4. Targets: 7010, 6950, perhaps as far as 6890/6880.

5. If we continue lower look for 6820/6810.

6. Just be aware that a break above 7150 can target 7190/7220.