Gold: Weekly Close Above $1686 Is A Buy Signal
2022.09.30 10:09
made a low for the day exactly at first support at 1644/41. Longs worked perfectly on the bounce back to resistance at 1653/58.
held below Wednesday’s high so same levels apply for today.
November saw a bounce from important 100 week moving average at and 500 day moving average support at 7800/7600 and completed the bullish inverse head and shoulders pattern to confirm a buy signal. Yesterday we held just 10 ticks from key resistance at 8300/8350.
Remember when support is broken it usually acts as resistance & vice-versa.
Today’s Analysis
Gold making a break above resistance at 1653/58 so holding above 1660 can target longer term Fibonacci and 200 week moving average resistance at 1677/81. A high for the day is expected. Shorts need stops above 1686. A weekly close above here is a buy signal for next week.
Holding key resistance at 1653/58 targets 1650 and first support at 1644/41. Longs need stops below 1637. On a break lower look for 1632/30.
Silver shot higher to retest resistance at 1890/1910. Holding here today re-targets 1870 and support at 1850/40. Longs need stops below 1835. If we continue lower look for 1810/00, perhaps as far as 1785/80.
First resistance at 1890/1910. Shorts need stops above 1930.
WTI Crude November longs at important support from 1 and 3 month trend line and 100 WMA at 7800, down to the 500 day moving average at 7600 worked perfectly. The potential head and shoulders pattern was completed with a break above 7920 to target 8100/8150 and just 16 pips from my ultimate target of 8250 for profit taking.
A high for the day just 10 ticks from key resistance at 8300/8350 so this remains key for today. Shorts need stops above 8400. A break higher targets 8600, perhaps as far as strong resistance at 8740/60.
