Gold Spot longs at 1775/70 worked perfectly–we bottomed exactly here and continued higher as expected to the next targets of 1780 and 1787/88. A potential 15 point profit so far. Outlook is more positive after the strong hammer candle on the weekly chart.
WTI Crude September shorts at resistance at 6960/90 worked perfectly on the slide to the target and minor support at 6800/6780 . On Monday we broke minor support at 6800/6780 as predicted targeting 6700/6680 and 6600/6590.
Gold outlook is positive holding above 1775 to target 1780 then 1787/88 and perhaps as far as minor resistance at 1792/94. A break higher targets 1800. Expect strong resistance at 1805/08. First support at 1775/70. Longs need stops below 1765.
Silver retests key resistance at 2395/2405. Shorts need stops above 2410. A break higher is a buy signal initially targeting 2440/50. We could pause here but eventually we should continue higher towards strong resistance at 2487/94 for profit taking on longs. Shorts need stops above 2505. Holding key resistance at 2395/2405 re-targets 2350/40 then 2310/00. A break below here this week targets 2260/50.
WTI Crude September currently trading between 6800/6780 and targets of 6700/6680 and 6600/6590. Important support at the July low of 6540/20. Longs need stops below 6480. A break lower is a medium term sell signal initially targeting 6420/00 then 6330/10. First resistance at 6800/20. Shorts need stops above 6840. A break higher targets 6870/6900 with resistance at 6960/90. Shorts need stops above 7020. A break higher targets 7090/7110, perhaps as far as 7150/70.
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Gold, Silver, WTI Crude Forecast
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