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Gold, Silver, WTI Crude Forecast

By Jason SenCommoditiesJul 19, 2021 01:23AM ET
Gold, Silver, WTI Crude Forecast
By Jason Sen   |  Jul 19, 2021 01:23AM ET
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Gold Spot broke first support at 1825/23 to bottom exactly at strong support at 1813/10, but there was no bounce from here. The longer term trend is sideways and we remain unable to sustain a move in 1 direction for more than a couple of days.

Silver Spot could not break above first resistance at 2625/30 and collapsed to important support at 2580/2570.

WTI Crude August developed a sideways consolidation pattern as it initially broke support at 7100/00 before a bounce to minor resistance 7210/20. We topped exactly here.


Gold must hold 1810 for bulls to retain control. A break below 1807 today, however, is a sell signal targeting 1804/02 and support at 1794/92. Longs need stops below 1789.

Longs at support at 1812/10 targets 1817/18 then 1822 with strong resistance at 1825/27. Shorts need stops above 1830.

Silver tests important support at 2580/2570 but looks likely to break lower for a sell signal. A break below the June low at 2555/50 is another sell signal this week initially targeting 2525/20, perhaps as far as 2505/2500.

The outlook is negative so gains are likely to be limited with first resistance at 2605/15.

Unlikely, but a break higher targets 2625/30.

WTI Crude September strong support at 7040/30. A break below 7010 however targets 6900/6850. Further losses meets the best support for this week at 6700/6650. Longs need stops below 6600.

Longs at strong support at 7040/30 target 7150/60, perhaps as far as first resistance at 7260/80 for profit taking. Shorts need stops above 7320.

XAU Chart
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 realized. 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.

Gold, Silver, WTI Crude Forecast

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Gold, Silver, WTI Crude Forecast

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Comments (2)
Imran Wattoo
Imran Wattoo Jul 19, 2021 7:50AM ET
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v nice
sayed ali mosavi
sayed ali mosavi Jul 19, 2021 2:30AM ET
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