Gold
-
Gold we have a potential new leg higher in the longer term 20 year bull trend just starting. Yesterday we hit the first new target of 2525/28, but then collapsed to 2501.
-
Despite this small short term correction we remain in a bull trend of course & holding above 2509/05 today 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 break below 2500 risks a slide to a buying opportunity at 2494/91. Longs need stops below 2485.
Silver
-
Silver break above 2920 was another buy signal for this week targeting 2940/45 & 2970/75 which was hit yesterday as predicted before we reversed from 2996.
-
My first buy level is at 2920/2900 & 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: 7254 - 7438.
(To compare the spread with the contract that you trade).
-
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.
-
It's impossible to gauge direction in this random sideways trend, but holding below; ;first resistance at 7360/7400 can target 7220/7200, perhaps as far as 7170/40. Further losses retest the August low at 7100/7088.
-
First resistance at 7360/7400 & shorts need stops above 7445.
-
Bulls need a push higher through 7490 to target resistance at 7560/90 & shorts need stops above 7640.
The contents of our reports are intended to be understood by professional users who are fully aware of the inherent risks in Forex, Futures, Options, Stocks and Bonds trading. INFORMATION PROVIDED WITHIN THIS MATERIAL SHOULD NOT BE CONSTRUED AS ADVICE AND IS PROVIDED FOR INFORMATION AND EDUCATION PURPOSES ONLY.
Recommended Content
Editors’ Picks
EUR/USD extends recovery beyond 1.0400 amid Wall Street's turnaround
EUR/USD extends its recovery beyond 1.0400, helped by the better performance of Wall Street and softer-than-anticipated United States PCE inflation. Profit-taking ahead of the winter holidays also takes its toll.
GBP/USD nears 1.2600 on renewed USD weakness
GBP/USD extends its rebound from multi-month lows and approaches 1.2600. The US Dollar stays on the back foot after softer-than-expected PCE inflation data, helping the pair edge higher. Nevertheless, GBP/USD remains on track to end the week in negative territory.
Gold rises above $2,620 as US yields edge lower
Gold extends its daily rebound and trades above $2,620 on Friday. The benchmark 10-year US Treasury bond yield declines toward 4.5% following the PCE inflation data for November, helping XAU/USD stretch higher in the American session.
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers
Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins.
Bank of England stays on hold, but a dovish front is building
Bank of England rates were maintained at 4.75% today, in line with expectations. However, the 6-3 vote split sent a moderately dovish signal to markets, prompting some dovish repricing and a weaker pound. We remain more dovish than market pricing for 2025.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.