Gold Retesting Last Week’s Highs at 1822/24

2022.12.21 08:07

• Gold held 1 point above first support at 1782/80 – If you did manage to buy in time, Gold shot higher to my targets of 1797/99, 1807/09 & even as far as 1822/24 for a huge 40-point profit on the day.
• Silver has strong support again at 2270/50. The outlook remains positive.
• WTI Crude February resistance at 7620/70. Shorts need stops above 7730. A break higher is a buy signal.

Today’s Analysis

• retested last week’s high at 1822/24 as predicted this week. Obviously, this is key to direction today with a high for the day exactly here yesterday. Be ready to buy a break above 1826 targeting 1828/30 & 1839/41, perhaps as far as 1846/47.

Failure to beat 1822/24 leaves a potential double top which would be negative in the short term & risks a slide to 1810/09. I still think the downside is likely to be limited but below here can target look for a test of support at 1800/1795. Longs need stops below 1790.

• longs at support at 2270/50 worked perfectly this week as we beat 2330/35 to target 2360/65 & 2390/2400, exactly as predicted!! Holding above 2415 keeps the outlook positive targeting 2440 & 2465, perhaps as far as 2490/2500.

The downside is expected to be limited with support at 2390/80. Longs need stops below 2370.

• February tests resistance at 7620/70 with a high for the day exactly here. Shorts need stops above 7730. A break higher is a buy signal targeting 7760/80 then 7900/20.

Targets for shorts are 7520, 7420

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