Gold Spot spending too much time drifting in tight ranges this week with little opportunity for profitable trades.
Silver Spot should have strong support at 2400/2380. Longs need stops below 2370.
WTI Crude October shorts at 2 month trend line resistance at 6980/7000 worked perfectly.
Today’s Analysis
Gold has key resistance at 1798/1802 today. Shorts here target 1794 and 1788 with minor support at 1783/81 if we fall that far. Expect better support at 1778/76.
Shorts at 1798/1802 need stops above 1805. A break higher targets resistance at 1810, perhaps as far as 181618 for profit taking on any longs.
Silver strong support at 2400/2380. Longs need stops below 2370. A break below here should be a sell signal initially targeting 2350/40, perhaps as far as 2310/00.
Longs at 2400/2380 target 2430/40, perhaps as far as 2450/55. Above 2460 look for a retest of 2480/90.
WTI Crude shorts at 2 month trend line resistance at 6980/7000 hitting targets of 6900/6880 and 6780/50 for a very quick 200 tick profit. Below here we retest last week’s low at 6720/10. A break below here can target 6630/10.
2 month trend line resistance again at 6980/7000. Shorts need stops above 7035. A break higher targets 7085/90 and 7120/40.