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Gold Could Encounter Strong Resistance At $1786/89

By Jason SenCommoditiesDec 03, 2021 04:32AM ET
www.investing.com/analysis/gold-could-encounter-strong-resistance-at-178689-200610338
Gold Could Encounter Strong Resistance At $1786/89
By Jason Sen   |  Dec 03, 2021 04:32AM ET
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  • Gold spot hit the target of 1766/64 but not quite as far as 1758/56.
  • Silver breaks strong support for a sell signal - holding below 2290/2300 is a crucial sell signal initially targeting 2230 and 2200.
  • We missed the 2200 target by only 15 ticks so far.
  • WTI futures broke critical support at 6460/30 but bounced from 6243.

Today's Analysis

Gold outlook is negative, so gains are likely 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 and 1752/50.

Silver holding below 2290/2300 was a critical sell signal initially targeting 2230 and 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 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 and 5970/30.

Gold daily chart technical analysis.
Gold daily chart technical analysis.

Gold Could Encounter Strong Resistance At $1786/89
 

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Gold Could Encounter Strong Resistance At $1786/89

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Comments (2)
Mohd Izhar Muslim
Mohd Izhar Muslim Dec 06, 2021 5:51AM ET
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That sounds great, thanks anyway for the article 👍
Ali Alimsyah
Ali Alimsyah Dec 04, 2021 8:38AM ET
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Great calls
 
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