Commodities Analysis and Opinion

Gold Soars With Further Gains Expected

2023.10.31 05:18

Jason Sen

tested and held the buying opportunity at 1997/1992 but we have not seen a recovery yet. Longs need stops below 1988.

Our longs can target 2002 and 2008. A break above 2010 targets 2020. Eventually, 2030 is certainly possible. 2037/40 is not out of the question in November.

A break below 1988 however targets 1980/75, perhaps as far as 1964/61.

Gold-4-Hr Chart

should have strong support at 2300/2290 if we see any correction to the downside. Longs need stops below 2280.

Silver-4-Hr Chart

December futures still trading around the same prices as we were back in early August. Four weeks ago we made a range of 8150 – 9188 and we have held within this range for the last 3 weeks.

We are down 300-350 ticks then up and down the same amount every day for 5 days. This is crazy. The lower end of the range is 8250/8150. A break lower targets 8080/8060 and 7970/60, perhaps as far as 7850/20.

We have held minor resistance at 8540/80 over the past week. Above 8600 targets 8650/80. Above 8700 look for 8810/40.

Crude Oil-4-Hr Chart

Video Analysis:

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