Gold: Surge Beyond All-Time Set to Continue With Next Target at $2,633

2024.09.23 05:28

() broke above 2604 despite Wednesday’s negative candle. If you jumped back into long positions, congratulations—you hit my target of 2620/22 perfectly and even reached a new all-time high at 2631.

Looking ahead, new targets for this week are set at 2633/35, 2642/44, and 2648/50. If the upward momentum continues, keep an eye on 2655.

For those looking to be aggressive buyers this week, the first support level sits at 2619/17. However, we could drift down to 2612/11 if trading activity remains light on Monday.

The strongest support lies between 2604 and 2599, and if you’re holding long positions, set your stops below 2594 to manage risk effectively.

WTI Crude November Future

Last session low and high for the November contract: 7037 – 7145 (To compare the spread with the contract that you trade).

1. should find resistance at 7100/7150. Shorts need stops above 7200. Targets: 7050, 7000.

2. Support at 7000/6970 but longs need stops below 6920. Targets: 7050, 7100

3. The best support should be at  6890/6860 but longs need stops below 6830 Targets: 6930, 6980.

4. A break above 7200 is a buy signal targeting 7310/7330

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