Gold, Silver And Oil Update
Jason Sen | Oct 20, 2021 08:54AM ET
Gold Spot longs at that important 1765/62 level worked perfectly on the bounce from 1759 to our 2 targets of 1773/75 and 1783/85. In fact this was the high for the day.
Silver Spot longs at our buying opportunity at 2320/10 worked perfectly on the bounce to 2370 and to with just 7 pips of the next target of 2420/30.
WTI Crude November minor warning in overbought conditions that we are running out of steam with profit taking starting. However there is no sell signal yet. Just be cautious with longs. For now I would still be a buyer on weakness while we wait for a sell signal.
h2 Today’s Analysis/h2Gold support again at 1765/62 and longs need stops below 1757. Again we target 1773/75 then 1783/85 for profit taking. Very strong resistance again at 1790/95. Shorts need stops above 1800. A break higher is a medium term buy signal initially targeting 1807/08 but eventually reaching 1830/35 next week.
A break below 1757 is a sell signal targeting 1749/47. Below 1744 risks a slide to 1739/37.
Silver buying opportunity at 2320/10 if we drop today, with stops below 2290. Holding here maintains the medium term buy signal initially re-targeting 2370 and 2410/30 for profit taking. This is the only resistance of the day. Shorts need stops above 2440. A break higher is a buy signal targeting 2490/2500.
A break below 2290 is a sell signal targeting 2275 and 2250/40 for some profit taking on shorts.
WTI Crude longs at minor support at 8190/70 are working but the best support is at 8060/40. Longs need stops below 7990. A break lower however targets 7950/40 then a buying opportunity at 7890/50. Longs need stops below 7820.
The only resistance of importance is at 8380/8400. Shorts need stops above 8420. A break higher targets 8460/70 then 8495/8500. Further gains are likely eventually to 8560/80.
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