Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Gold, Silver And Crude Oil Forecast

Published 09/08/2021, 05:33 AM
Updated 07/09/2023, 06:31 AM

Gold Spot broke strong support at 1814/11 with stops below 1808 activated. Gold fell further to 1792.

Silver Spot shorts at strong resistance at 2487/94 hit strong support at 2535/25 for profit taking.

WTI Crude OCTOBER becoming more random and erratic – up one day, down the next day in a 2 week sideways trend.

Today’s Analysis

Gold crashed from important resistance at 1831/33. We remain therefore in a sideways trend. The only support today is at 1794/91. A break below 1789 therefore should be a sell signal targeting 1787 and 1778/76 for profit taking on any shorts.

Any longs at 1794/91 target 1802/03, perhaps as far as resistance at 1812/15 for profit taking. Shorts here need stops above 1820.

Silver topped exactly at strong resistance at 2487/94 to hit strong support at 2535/25. Longs need stops below 2415. Minor support at 2390/2380 but a break below here should be a sell signal.

Holding strong support at 2535/25 allows a recovery to 2450/55 before a retest of strong resistance at 2487/94.

WTI Crude holding first resistance at 6880/6900 risks a slide to 6780/50. Further losses retest last week’s low at 6720/10. A break below here can target 6630/10.

Above 6900 can target 6960/70. Further gains can retest 2 month trend line resistance at 6980/7000. Shorts need stops above 7035. A break higher targets 7085/90 and 7120/40.

XAU Chart

Disclaimer: No representation or warranty is made as to the accuracy or completeness of this information and opinions expressed may be subject to change without notice. Estimates and projections set forth herein are based on assumptions that may not be correct or otherwise realised. All reports and information are designed for information purposes only and neither the information contained herein nor any opinion expressed is deemed to constitute an offer or invitation to make an offer, to buy or sell any security or any option, futures or other related derivatives.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.