Gold Spot shorts at resistance at 1763/65 worked on the bounce yesterday evening as we dip back to 1750 this morning for a potential 13 point profit.
Silver Spot tested the selling opportunity at 2240/50.
WTI Crude November higher again exactly in the bull trend to 7870/80 and 7948 as we look for 8000/20 today.
Today’s Analysis
Gold holding resistance at 1763/65 last night for a slide this morning to minor support at 1749/47. Longs here may be too risky. If we continue lower look for 1740/38, perhaps as far as 1735 and1728 eventually.
Try shorts again at 1763/65, with stops above 1770. A break higher targets 1775/77.
We should at least pause here – shorts may be risky though. Further gains meet resistance at 1783/84.
Silver shorts at 2250/60 target 2220/10, perhaps as far as 2185/80. If we continue lower look for 2165 and 2145/40.
Shorts need stops above 2280 for a selling opportunity at 2310/20. Try shorts with stops above 2335. A break higher is a medium term buy signal.
WTI Crude bulls continue to dominate hitting the next target of 7870/80 as we look for 8000/20. Further gains are possible to 8060/70, 8090/8100.
We are severely overbought after such strong gains but with no sell signal, we remain buyers on weakness. Minor support at 7800/7780, better support at 7700/7670.
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