Gold Longs Hit $1955 Target: What Comes Next?
2023.11.15 03:21
Gold shot higher from the buy level at 1933/30, aided by yesterday’s lower-than-expected CPI number and we hit all targets as far as the sell opportunity at 1958/63 but continued higher to 1970.
At this stage, I am not sure what to do and I don’t want to risk losing any of the big money we earned from the last 2 trades. (The short from 1975 to 1935 and the long from 1933/30 up to 1955).
There may be some resistance at 1970/73 but I do not feel confident enough to suggest a short. However, a break higher can target 1978, 1983, and even 1992.
On the downside, we should have good support at 1950/46.
December futures hit my target and strong resistance at 7920/7970 with a high for the day exactly here.
Shorts at 7920/7970 worked perfectly hitting my 1st target of 7790/60, with a low exactly here as I write overnight. However, we could fall as far as 7660 and 7600. Further losses can retest last week’s low at 7530/00.
Strong resistance again at 7920/7970. Shorts need stops above 8040. A break higher is a buy signal targeting 8100 and probably 8180/8200.
