Gold Facing Resistance; Oil Moves Higher
2022.09.12 14:52
establishing a sideways range probably a bear flag, from 1690/85 up to resistance at 1932/36. We also have 1715/18 acting as a level in the middle. Scalp while wait for a break.
Gold Chart
is forming more of a rising wedge, which is still a negative pattern, so we wait for the break lower.
Silver Chart
beat strong resistance at 8500/8550 and shot higher to 8720.
Remember when support is broken it usually acts as resistance and vice-versa.
Today’s Analysis
same levels apply for today with minor resistance at 1715/18. A break above 1720 can target 1726. Further gains meet resistance at 1732/36 in the sideways trend. Shorts need stops above 1740.
Minor support at 1707/04. A break below 1702 risks a slide to 1691/88 and perhaps as far as very important support at 1680/70. Longs need stops below 1660.
Silver minor resistance at 1875/85 tests on Friday. A break above 1900 this week can target 1920/30. Unlikely but if we continue higher expect strong resistance at 1970/80.
Trend line support at 1880/70. A break below 1860 is the sell signal breakout of the rising wedge.
Crude oil October strong resistance at 8700/8800. Shorts need stops above 8850.
Shorts at 8700/8800 target 8650, perhaps as far as 8550/8500 for profit taking.
