Gold Eyes New All-Time High: Key Levels to Watch to Navigate the Climb

2024.07.17 06:01

Gold

1. A few days ago, I wrote that gold () was beginning to look like we had a new bull trend.
   Since then, gold has continued higher with significant gains. 
2. The break above 2427 was the next buy signal targeting 2433 and we retested the all-time high at 2446/49 yesterday.
    The break above 2450 was an obvious buy signal for this week, and we immediately shot higher to 2475 as I write.
3. Next targets are 2487/90, 2495/99 and 2507/09. Eventually, 2516/19 and 2526/29 are achievable.
4. A buying opportunity at 2450/45 and longs need stops below 2440.
5. However, further losses risk a slide to support at 2426/23, and longs need stops below 2419.

Silver

1. Silver () longs at first support at 3060/50 worked perfectly yet again but this time we beat minor resistance at 3095/3105 for a buy signal targeting 3125 and 3145, even 3170/75 is likely.
2. A break above 3180 is a buy signal targeting 3205/10 and 3225/30, perhaps as far as 3245/50.
3. First support at 3105/3095 and longs need stops below 3085. A buying opportunity again at 3060/50 and longs need stops below 3030.

WTI Crude August Future

Last session low and high for the August contract: 8022 – 8193.
(To compare the spread with the contract that you trade).

1. August broke support at 8150/8100 and meets support at 8010/7980 today. With the sideways nature of recent price action, we could see a low for the day here but longs need stops below 7940.
   Targets: 8100, 8150, 8190, perhaps as far as 8220.
2. A break below 7940 is a sell signal targeting the 8-month range around 7850 this week. Further losses are possible as far as 7730/00.

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