Gold Spot trades between support at 1795/90 and first resistance at 1812/15.
Silver Spot bearish engulfing candle turns the outlook negative as we test the only important support at 2580/2570.
WTI Crude August bearish engulfing candle in overbought conditions was a sell signal. We topped just 6 ticks from resistance at 7490/7500 and shorts worked perfectly if you managed to sell with a near 300 tick drop.
Today’s Analysis
Gold was seeing minor resistance at 1812/15 today. A break above 1817 is another buy signal initially targeting 1832/35.
First support at 1795/90. Longs need stops below 1785. A break lower can target 1779/77 and 1770/68.
Silver crashed below strong support at 2635/25 leaving the outlook negative. The only important support is at 2580/2570. A break lower is a sell signal. A break below the June low at 2555/50 is another sell signal.
Gains are likely to be limited with strong resistance at 2625/30 and again at 2670/80. WTI Crude topped exactly at resistance at 7490/7500 and broke best support at 7340/20 for another sell signal targeting 7220/00, perhaps as far as strong support at 7120/00.
We bottomed exactly here. Longs need stops below 7050. A break lower targets 6950/6900. Gains are likely to be limited with first resistance at 7265/95. Stop above 7320. Strong resistance at 7400/40. Stop above 7480.
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