Gold, Silver And Oil Forecast
Jason Sen | Sep 28, 2021 04:05AM ET
Gold Spot saw a high for the day at the 1760/62 level.
Silver Spot trades sideways with Gold.
WTI Crude November we wrote: hit the next target of 7415/25 and held. Further gains are expected targeting 7475/95 then 7540/50.
All targets hit as we reach 7628 this morning.
h2 Today’s Analysis/h2Gold first resistance at 1760/62, shorts need stops above 1766. Strong resistance at 1773/76 could see a high for the day if tested. Shorts need stops above 1780. A break higher targets 1795/98.
Key Fibonacci support at 1742/40, again the only level of support this week. Longs need stops below 1736. A break lower is a sell signal targeting 1728/27, 1723/22 and 1719/17.
Silver holding minor resistance at 2265/70 targets best support for this week again at 2225/15. Longs need stops below 2190. A sustained break lower is a sell signal targeting 2165 to start with.
Strong resistance at 2300/10 but shorts need stops above 2320. A break higher targets 2345.
WTI Crude likely to continue higher to retest the 2021 high at 7690/99. This is the only resistance of any importance (being the 2018 high also). A sustained break above 7720 therefore should be a buy signal targeting 7745/55and 7785/95.
First support at 7500/7490 then strong support at 7430/10. Longs need stops below 7280.
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 realised. 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.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.