Gold Spot was in a consolidation pattern as predicted and therefore we expected a break lower. We have been selling in to resistance levels for 2 weeks and at last prices broke 1760 for the next targets of 1755 and 1750 as expected.
Silver Spot topped exactly at first resistance at 2630/40 last week to keep the outlook negative and yesterday we tested strong 200 day moving average at support at 2580/70
WTI Crude August we wrote: has 2 important support levels in the bull trend. Firstly at 7240/30. Longs need stops below 7200.
With a low at 7197, hopefully longs worked for you on the bounce to 7381.
Today’s Analysis
Gold broke lower as expected to our targets of 1755 and 1750 as we look for 1735/30 next.
Gains are likely to be limited in the developing bear trend. Strong resistance at 1773/76 if we bounce that far. Shorts need stops above 1780. An unexpected break higher can target 1790 with a sell opportunity from here up to 1800. Shorts need stops above 1805.
Silver lower at last as expected after the sideways consolidation testing strong 200 day moving average at support at 2580/70. A break below last week’s low at 2550 is another sell signal targeting 2525 and 2505/2500.
Gains are likely to be limited with resistance at 2595/2600 and again at 2630/40. A break above 2650 this week allows a recovery to strong resistance at 2670/80. If silver continues higher look for 2710/20.
WTI Crude has 2 important support levels in the bull trend again today! Firstly at 7240/30. Longs need stops below 7200. A break lower can target best support for today at 7130/20. Longs need stops below 7090.
Holding first support at 7240/30 targets 7320. Further gains in the bull trend retarget 7380/90 (we topped exactly here yesterday) and 7425/45. A break higher targets 7485/95.
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.