Gold
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Gold (XAU/USD) has been good to us this week! We sold resistance at 2335/40 and watched Gold tumble as far as support at 2297/94. Longs here also worked perfectly yesterday as we made a low for the day here and shot higher to targets of 2305, 2315.
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My targets were conservative in the sideways trend because you never know when prices will suddenly reverse, but yesterday we reached as far as 2330. We meet the upper end of the recent range at 2335/40. A break above 2342 however could trigger further gains towards 2355.
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The lower end of the range is at 2397/94. If you try a long here again today, stop below 2290 for a retest of the June low at 2286. Targets for the bounce: 2305, 2315.
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A break below 2283 however is a sell signal targeting 2278/76 and probably as far as support at 2255/50 for profit taking on shorts. In the longer term the outlook for gold is more and more negative - remember my video with 3 longer-term sell signals?
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It's still relevant and prices are lower than they were when I recorded the video on 19 June. Looks like a head and shoulders on the daily chart with the neckline at 2292/90 so a close below here tonight triggers a longer-term sell signal. A realistic measured target is 21340/2130 but obviously, we will not go there in a straight line. It could take weeks if not months.
Silver
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Silver (XAG/USD) broke support at 2915/2895 which could be a sell signal targeting 2850 and 2810/2800.
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We should now meet resistance at 2945/55 and shorts need stops above 2975.
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WTI Crude August future. Last session low and high for the AUGUST contract: 8051 - 8204.
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WTI Crude August up one day, and down the next day in the 5-day sideways trend but longs at support at 8030/8000 worked perfectly again yesterday as we hit targets: 8080, 8120, 8170. It looks like we can continue higher today with a break above 8200 expected to carry prices towards 8240/45 and 8280.
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Support again at 8030/8000 if we continue to trade sideways.