Gold Soars With Further Gains Expected
Jason Sen | Oct 31, 2023 04:48AM ET
Gold XAU/USD tested and held the buying opportunity at 1997/1992 but we have not seen a recovery yet. Longs need stops below 1988.
Our longs can target 2002 and 2008. A break above 2010 targets 2020. Eventually, 2030 is certainly possible. 2037/40 is not out of the question in November.
A break below 1988 however targets 1980/75, perhaps as far as 1964/61.
Silver XAG/USD should have strong support at 2300/2290 if we see any correction to the downside. Longs need stops below 2280.
WTI Crude December futures still trading around the same prices as we were back in early August. Four weeks ago we made a range of 8150 - 9188 and we have held within this range for the last 3 weeks.
We are down 300-350 ticks then up and down the same amount every day for 5 days. This is crazy. The lower end of the range is 8250/8150. A break lower targets 8080/8060 and 7970/60, perhaps as far as 7850/20.
We have held minor resistance at 8540/80 over the past week. Above 8600 targets 8650/80. Above 8700 look for 8810/40.
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