Is gold outlook negative?

  • Gold Spot meets resistance at 1755/60.

  • Silver spot tested resistance at 1915/20 with a high for the day 9 ticks above.

  • WTI Crude reached strong resistance at 9480/9490.

  • Remember when support is broken it usually acts as resistance & vice-versa.

Daily analysis

Gold outlook negative so we are looking to sell at resistance on any bounce. First resistance at 1755/60. Strong resistance at 1770/75. Shorts need stops above 1785.

Eventually we should re-target 1740/35 then 1729/27. A break lower targets 1714/11 & 1708/07.

Silver shorts at first resistance at 1915/20 target 1880/70. Eventually a retest of the July low at 1820/10 is expected. A break below 1795 is the next sell signal.

Gains are likely to be limited with first resistance at 1915/20. Shorts need stops above 1935. A break higher can target 1950/55, perhaps as far as strong resistance at 1975/85. Shorts need stops above 2000.

WTI Crude October meets strong resistance at 9480/9490. Shorts need stops above 9550. A break higher however targets 96.50/90 & probably 100/100.50.

Shorts at 9480/9490 target 9300/9250, probably 9200/9150/9200. If we continue lower look for 9070/50 then 8900. On further losses look for 8850/8800.

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