Gold Spot unexpectedly rocketed 25 points.
Silver Spot broke best support at 2225/15 for a sell signal initially targeting 2165. Outlook remains negative.
WTI Crude November longs at buying opportunity at 7330/10 were the perfect trade with a low for the day here and a near 300 point recovery.
Today’s Analysis
Gold unexpectedly shot higher to 1762/64. This is the 38.2& Fibonacci resistance from the move down through September. If this holds we remains in a short term bear trend. Shorts need stops above 1768. A break higher targets 1775/77.
Holding resistance at 1762/64 targets 1749/47 then 1740/38. Further losses eventually are likely, targeting 1735 and 1728.
Silver beat first resistance at 2180/2200 but we meet a selling opportunity at 2240/50, stop above 2260.
Sooner rather than later we should turn lower again targeting 2185/80, 2165 and 2145/40, eventually as far as 2100/2090.
WTI Crude may enter a sideways trend to ease overbought conditions. Still a little concerned about the potential double top. Longs at 7330/10 offered up to 300 ticks profit. The only resistance of any importance is at 2021 high at 7690/99. A sustained break above 7720 therefore should be a buy signal targeting 7745/55 and 7785/95.
Minor support at 7460/40. There is a buying opportunity again at 7330/10 with stops below 7270. A break lower targets 7220/20.
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