Gold Still Holding Resistance

10/28/2022

1 minute read

2022.10.28 06:50

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Jason Sen

dipped lower from the inverse head & shoulders neck line at 1670/72, initially holding support at 1662/58 but eventually bouncing from 1 point above second support at 1653/50. I still think the outlook is positive and eventually we will break above 1675. A weekly close above here would obviously be a buy signal for next week.

Daily Chart

inside day means same levels apply for today but I favour a move higher eventually.

December we got the breakout with the buy signal above 8650 initially targeting 8800 and 8900/8920 as predicted.

Crude Light Daily Chart

Today’s Analysis

Gold still holding resistance at the inverse head & shoulders neck line at 1670/72. A break above 1675 today would be a buy signal initially targeting 1684/87. Above 1690 look for 1710/15.

Downside should be limited as we start to build a recovery after the bullish double bottom. First support at 1662/58 could hold better than it did yesterday but below here can target meets second support at 1653/50. Longs need stops below 1645…a break below here kills the recovery prospects and risks a slide to 1640 then 1630 today.

Silver longs at support at 1885/75 work on the bounce to 1945 and first resistance at 1970/80. Be ready to buy a break above 1985 targeting 2030/35 and perhaps as far as 2080/90.

First support at 1945/40, second support at 1923/18 – with a low for the day at 1926 yesterday. A break below 1910 is a sell signal for today, targeting 1885, perhaps as far as 1860.

WTI Crude December buy signal on the break above 8650 initially targeting 8800, 8900/8920 & then 8960/80 yesterday. A high for the day exactly here in fact. Above here today targets 9080/9100.

First support at 8750/8700. Longs need stops below 8600.

Buy/Sell Target