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Gold: A Break Above $1830 Can Target $1835

By Jason SenCommoditiesFeb 11, 2022 04:15AM ET
www.investing.com/analysis/gold-a-break-above-1830-can-target-1835-200617769
Gold: A Break Above $1830 Can Target $1835
By Jason Sen   |  Feb 11, 2022 04:15AM ET
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  • Gold Spot beat resistance at $1835 very briefly before reversing half way to strong 1.5 month trend line resistance at $1845/50.

  • Outlook is more negative now and we could head slowly towards the lower end of the recent range around $1805/00.

  • Silver broke higher to the next target of $2365/70 with a high for the day. Outlook is more negative for silver now in the 1 year bear trend.

  • WTI Crude March longs at our buying opportunity at $8890/60 worked perfectly again for the third day with a low for the day and eventually reaching my $9150 target.

Today's Analysis

Gold hit first support at $1824/22 for profit taking on any shorts this morning. Holding below $1826/28 targets $1819/16. A low for the day morning is possible here but a break below $1814 is likely to target $1811/10 then $1805/01.

A break above $1830 however can target $1835, perhaps as far as $1840. Remember strong 1.5-month trend line resistance at $1845/50. Shorts need stops above $1855.

Silver has support at $2310/00 so a break below $2300 is likely to target $22650/60. We should pause here but a bounce may not happen in the bear trend. If we continue lower look for $2240/30.

Holding support at $2310/00 targets $2330/33. Unlikely but a break above $2340 can retest $2365/70.

WTI Crude March longs at our buying opportunity at $8890/60 (if they work again) target $9030/50 for a little profit-taking but further gains are possible eventually to $9150 today in the longer term bull trend. Remember key 12-month trend line resistance at $9310/9330. If you think WTI Crude has run too far then a retest of this level could be your sell opportunity but you will need wide stops, I would suggest above $9390. A break higher is a buy signal as long as the move is sustained of course.

Another buying opportunity at $8890/60. Stop below $8830. A break lower targets $8750/30, perhaps as far as $8610/8590.

Video Analysis 

Gold: A Break Above $1830 Can Target $1835
 

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Gold: A Break Above $1830 Can Target $1835

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Tom Sc
Tom Sc Feb 11, 2022 8:41AM ET
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thanks for writing an entire article about a potential $5 move in gold that noone will read
 
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