Gold and Silver make a low for the day at the buy levels
|XAU/USD
Gold we have a potential new leg higher in the longer term 20 year bull trend just starting.
However yesterday we traded sideways & closed unchanged as we consolidate after recent gains.
We made a low for the day exactly at the buying opportunity at 2494/91.
Same levels apply for today & again, holding above 2509/05 (a low for the day morning here yesterday) allows a recovery to 2525/28.
On a break above 2533 look for 2539/43, perhaps as far as 2554/56.
We could eventually reach 2565 & 2578/82.
Even 2599/2602 is possible.
A buying opportunity again at 2494/91. Longs need stops below 2485.
XAG/USD
Silver break above 2920 was another buy signal for this week targeting 2940/45 & 2970/75
My first buy level is at 2920/2900 again & yesterday we made a low for the day at 2920 - again longs need stops below 2875.
Targets: 2940, 2960, 2980
A break above 3000 is a buy signal targeting 3035 & 3060.
WTI Crude October future
Last session low & high for the October contract: 7146 - 7416.
WTI Crude remains caught in a longer term sideways channel, around 2 years old with moving averages flatlining & converging for 6 months.
For the last 11 months WTI Crude has been consolidating in a narrowing triangle pattern as the monthly ranges decrease.
WTI Crude made a high for the day at 7416, just 16 ticks above the sell level & hit the 7170/40 target for a potential 200 ticks profit
Once again holding first resistance at 7360/7400 can target 7220/7200, perhaps as far as 7170/40. Further losses today retest the August low at 7100/7088.
A break below 7075 is a sell signal targeting 6990/6970 & 6910/6890.
Even as far as the December 2023 low at 6800/6770 is possible eventually.
Bulls need a push higher through 7490 to target resistance at 7560/90 & shorts need stops above 7640.
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