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Gold, Silver, WTI Crude Forecast

By Jason SenCommoditiesSep 14, 2021 03:11AM ET
Gold, Silver, WTI Crude Forecast
By Jason Sen   |  Sep 14, 2021 03:11AM ET
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Gold Spot shorts at key resistance at 1798/1802 worked again on Monday as we reversed from 1798 to hit targets of 1794 and 1788 for up to 10 points profit on the day.

Silver Spot broke strong support at 2400/2380 so this is now resistance.

WTI crude October up one day, down the next as it continues in its 2 week sideways trend. Last week was an inside week, so we'll wait for a breakout this week.

Today’s Analysis

Gold topped exactly at key resistance at 1798/1802 targeting 1794 and 1788. Further losses look likely to minor support at 1783/81. Expect better support at 1778/76. Longs need stops below 1772. A break lower is a sell signal targeting 1769 and 1761/59 for profit taking. Strong resistance is seen at 1798/1802 again today—stops above 1806. A break higher targets 1811/13, perhaps as far as 1816/18 for profit taking on any longs.

Silver broke 2400/2380 for a sell signal initially targeting 2350/40, perhaps as far as 2310/00. First resistance at 2380/2400 but above here can target 2430/40, perhaps as far as 2450/55. Above 2460 look for a retest of 2480/90.

WTI Crude beat the 2 month trend line resistance again at 6980/7000 to hit the next target of 7085/90 as we look for minor resistance at 7120/40. A break higher targets 7190/99. Strong support at 6960/40 on any weakness. Longs need stops below 6900.

XAU Chart
XAU Chart

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Gold, Silver, WTI Crude Forecast

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Gold, Silver, WTI Crude Forecast

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