• Gold Spot hit the target of 1766/64 but not quite as far as 1758/56.

  • Silver we wrote: breaks strong support for a sell signal - holding below 2290/2300 is an important sell signal initially targeting 2230 & 2200.

  • We missed the 2200 target by only 15 ticks so far.

  • WTI Crude January broke important support at 6460/30 but bounced from 6243.

Daily analysis

Gold outlook negative & so gains are likely to be limited with first resistance at 1778/80. Strong resistance at 1786/89. Shorts need stops above 1792.

Shorts at 1778/80 target 1773/71 before a retest of 1763/61. A break lower eventually is likely, targeting 1758/56 & 1752/50.

Silver holding below 2290/2300 was an important sell signal initially targeting 2230 & 2200. We are almost there. Further losses are expected eventually to 2160/50.

Gains are likely to be limited with minor resistance at 2245/55 (a high for the day here yesterday in fact) then strong resistance at 2285/95.

WTI Crude January first resistance at 6765/85. Shorts need stops above 6840. A break higher targets 6930/50, perhaps as far as strong resistance at 6990/7120. Shorts need stops above 7170.

Shorts at 6765/85 target 6570/50 then 6460/40. Further losses retest 6260/40 although I do not see this as strong support. Further losses can target 6200/6174 & 5970/30.

Chart

The contents of our reports are intended to be understood by professional users who are fully aware of the inherent risks in Forex, Futures, Options, Stocks and Bonds trading. INFORMATION PROVIDED WITHIN THIS MATERIAL SHOULD NOT BE CONSTRUED AS ADVICE AND IS PROVIDED FOR INFORMATION AND EDUCATION PURPOSES ONLY.

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