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.




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.

Feed news

Latest Forex Analysis

Latest Forex Analysis

Editors’ Picks

EUR/USD drops towards 1.1300 as Omicron, inflation concerns weigh

EUR/USD is trading below 1.1350, consolidating the biggest daily jump in a fortnight. The US dollar rebound amid a cautious mood. Omicron, US-China woes keep investors on the edge, Rising US inflation expectations underpin the yields. US jobless claims, Omicron updates closely eyed.


GBP/USD trades with modest gains above 1.3200 mark, lacks follow-through

GBP/USD is trading flat above 1.3200, struggling to capitalize on the overnight goodish rebound from a one-year low. Fresh COVID-19 jitters pushed back BoE rate hike expectations and undermined the pound. Resurgent USD demand further stalled aggressive bullish bets.


Gold: Doji below 200-DMA teases bears, Omicron updates eyed

Gold portrays trader’s indecision below the key moving average following Wednesday’s bearish candlestick. Market sentiment dwindles as virus-linked news battles geopolitical fears. Friday’s US CPI becomes crucial as inflation expectations improve.

Gold News

Why MATIC price could soon see a meteoric rise toward the round level of $4

MATIC price appears to be ready for a major upswing toward $3.84. The governing technical pattern suggests that the layer-2 token is preparing for a 62% climb.

Read more

Cyber Monday 2021 Discounts!

Glued to your trading screen on Cyber Monday? Upgrade your skills by signing up for FXStreet’s Premium service, offered at a discount of up to 50%. Fellow traders have already taken advantage of Black Friday profits. What about you? 

Subscribe now!