Gold dipped lower from the inverse head & shoulders neck line at 1670/72, initially holding support at 1662/58 but eventually bouncing from 1 point above second support at 1653/50. I still think the outlook is positive and eventually we will break above 1675. A weekly close above here would obviously be a buy signal for next week.
Silver inside day means same levels apply for today but I favour a move higher eventually.
WTI Crude December we got the breakout with the buy signal above 8650 initially targeting 8800 and 8900/8920 as predicted.
Today's Analysis
Gold still holding resistance at the inverse head & shoulders neck line at 1670/72. A break above 1675 today would be a buy signal initially targeting 1684/87. Above 1690 look for 1710/15.
Downside should be limited as we start to build a recovery after the bullish double bottom. First support at 1662/58 could hold better than it did yesterday but below here can target meets second support at 1653/50. Longs need stops below 1645...a break below here kills the recovery prospects and risks a slide to 1640 then 1630 today.
Silver longs at support at 1885/75 work on the bounce to 1945 and first resistance at 1970/80. Be ready to buy a break above 1985 targeting 2030/35 and perhaps as far as 2080/90.
First support at 1945/40, second support at 1923/18 - with a low for the day at 1926 yesterday. A break below 1910 is a sell signal for today, targeting 1885, perhaps as far as 1860.
WTI Crude December buy signal on the break above 8650 initially targeting 8800, 8900/8920 & then 8960/80 yesterday. A high for the day exactly here in fact. Above here today targets 9080/9100.
First support at 8750/8700. Longs need stops below 8600.
