Gold’s Predicted Slide, Silver’s Safety Net and WTI Crude’s Dilemma
2023.08.15 05:09
lower as predicted to my next target of 1904. There is only 1 support of note this week at 1900/1895 (& we made a low for the day just a point above here yesterday). I think it is worth betting on a bounce from here in severely oversold conditions.
Targets: 1914, 1920, 1928.
Gold 4-Hr Chart
Longs need stops below 1890. A break below 1890 this week is an important sell signal. If this happens today, the first target is 1870/65 but 1845/40 is not out of the question.
meets strong support at 2245/25 as we become oversold, with a low for the day exactly here yesterday. Try a long here with stop below 2210. Targets: 2295, 2320.
September does not know what to do at the 8250/8350 area in the summer trading conditions. I am going to go with support at 8250/00 today. I have not given up on the bulls & a bounce from here can eventually target 8450/70. Eventually, we could reach 8530/50.
On a break below 8150 however, I will believe that the oil recovery is over & the 500-day moving average at 8460/90 has been the trigger to cause us to remain in a profit-taking sideways trend.
A break below 8050 is the next sell signal & could accelerate losses, targeting 7950/30, probably as far as strong support at 7830/00. Longs need stops below 7750.
WTI Crude Oil 4-Hr Chart
Video Analysis:
