Gold Hit the $2,586 Target – What’s Next for the Yellow Metal?

2024.09.16 06:31

Gold

1. Gold () finally made a break above 2533 for a buy signal targeting 2539/43, 2554/56, 2565, 2578/82 & 2586.
   A high for the day & new all-time high exactly at 2586.
   I can’t see how I could have been more accurate!!
2. Further gains are expected to 2599/2602 this week & 2620/22 is even possible.
3. I am a buyer if we dip to support at 2561/57 & longs need stops below 2554.

If we continue lower look for a buying opportunity at 2544/40 & longs need stops below 2535.

Silver

1. Silver () shot higher through 2911/18 towards the August high at 3010/3018 & on to 3055/59 as expected, reaching 4 month 3080/90 on Friday.
2. Bulls now need a break above trend line resistance at 3110 for the next buy signal targeting the July high at 3150/75.

Support at 3015/3005 & longs need stops below 2980.

WTI Crude OCTOBER Futures

Last session low & high for the October contract: 6847 – 7032.
(To compare the spread with the contract that you trade).

1. did not make it back to the break point of the longer-term 18-month trend line at 7110/50 yet with a high for the day at 7032.
2. I hope to sell at 7110/50 & stop above 7200.
   HOWEVER, after Friday’s reversal, we may not get that far. It may be worth selling on a break below 6840 to target 6800, 6730/20 & perhaps as far as 6660.
3. Try longs at 6550/6500 if we get a chance today with stops below 6400.
   Targets: 6690/6720, 6800/6820, perhaps as far as 6870/6900.
4. A break below 6400 signals further losses which could be as far as the 500-week moving average at 6200.

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