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Gold: A Break Below $1770 Is A Sell Signal

ByJason Sen
Published 08/15/2022, 05:14 AM
Updated 07/09/2023, 06:31 AM
  • Gold Spot holding first support at 1790/85.
  • Silver longs at first support at 2030/10 with a low for the day exactly here and a bounce to 2086.
  • WTI Crude unfortunately did not quite reach strong resistance at 9550/9600 before prices turned lower.
  • Remember when support is broken it usually acts as resistance and vice-versa.

    • Gold first support at 1788/85 holding the downside on Thursday and Friday. Best support at 1780/75 today. Longs need stops below 1770. A break lower is a sell signal targeting 1765 and 1760.

    We could have strong resistance at 1804/08. A break above 1813 however targets 1828/31.

    Silver longs at strong support at 2030/10 hit my targets of 2060 and 2080, with a high for the day here. Above 2090 this week look for strong resistance at 2140/60. Shorts need stops above 2180. A break higher is a buy signal targeting 2190 and 2240.

    Strong support at 2030/10 of course, but longs need stops below 2000. A break lower is a sell signal targeting 1980 and 1950.

    WTI Crude September meets very strong resistance at 9550/9600. Shorts need stops above 9700.

    Shorts at 9550/9600 target 9300/9250. On further losses look for 9050/9000 before a retest of 8750/8700. A break below 8700 can target 8550/00.

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