Daily Forecast - 27 September 2016
WTI Crude November contract
WTI Crude must hold above first support at 4560 to target resistance at 4620/30. Shorts need stops above above the high of the recent range at 4655. A break higher targets 4710/20.
Failure to hold first support at 4560/50 targets 4500/4495. Further losses risks a slide to 4455/50. Longs need stops below the low of the recent range at 4422. A break below the gap at 4405 is a short term sell signal targeting 4345/40.
Gold Spot
Gold has just held first support at 1336/35 as I write for a retest of minor resistance at 1342/43. Further gains meet important trend line resistance at 1349/50. This is the most important resistance of the week. Try shorts with stops above 1353. A break & close above 1351 however is a buy signal & targets 1358 then 1363/64 this week.
Good support at 1331/30. A break below 1326 however meets an excellent buying opportunity at 1323/22. Longs need stops below 1318.
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