Gold Outlook Remains Negative Despite Oversold Conditions
2023.08.14 05:07
shorts worked last week as we hit my target of 1913/11. This was the low for the week.
I think the outlook remains negative despite oversold conditions. I see no indication that Gold will recover at this stage. Therefore gains are likely to be limited with minor resistance at 1920/22. We should struggle to beat this level initially but a recovery as far as strong resistance at 1927/30 cannot be ruled out. Shorts need stops above 1933.
Just be aware that there is very strong resistance at 1938/42. Shorts need stops above 1946.
Gold 4-Hr Chart
Downside targets: 1921 & 1912/10. On a break lower which is likely this week, we look for 1904. There is only 1 support of note this week at 1900/1895. Longs need stops below 1890. A break below 1890 this week is an important sell signal.
meets strong support at 2245/25 as we become oversold. Try a long here with stop below 2210. Targets: 2300, 2340.
Strong resistance at 2315/25. If tested today, shorts need stops above 2440.
September finally beat resistance at the December/January/March highs at 8250/8350 after holding for a full 7 days. This was an important buy signal targeting 8450/70 (a high for the week here & probably 8530/50 this week.
If you missed buying the break higher there was a perfect pull back to my support again today at 8300/8250 on Friday. Longs need stops below 8200 today. A break lower however is a sell signal to target strong support at 8080/50. Longs need stops below 7980.
Light Crude 4-Hr Chart
Video Analysis:
