Commodities Amid Turbulent Times | Gold, Silver And Crude Oil In Eyes Of Jason Sen (DayTradeIdeas) - 22/08/22
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Gold Spot broke 1765 for a sell signal targeting 1740/35 this week.
Silver breaks back below support at 2030/10 to turn the outlook negative again.
WTI Crude crawls higher, but difficult to hold longs. We could reach strong resistance at 9460/9500. Shorts need stops above 9550.
Remember when support is broken it usually acts as resistance & vice-versa.
Update daily by 05:00 GMT
Today's Analysis.
Gold outlook negative so we are looking to sell at resistance on any bounce. First resistance at 1755/60. Unlikely but if we continue higher look for strong resistance at 1770/75. Shorts need stops above 1780.
Prices are expected continue lower this week initially targeting 1740/35 then 1729/27 & perhaps as far as 1715/10.
Silver collapsed from resistance at 2020/30 as expected hitting my targets of 1980, 1960/55 & 1920/15. Further losses are expected to 1880/70 & eventually a retest of the July low at 1820/10. A break below 1795 is the next sell signal.
Gains are likely to be limited with first resistance at 1940/50. Shorts need stops above 1965. Se 2000/20. Shorts need stops above 2040.
WTI Crude September minor resistance at 9150/9200 but above here we could reach strong resistance at 9460/9500. Shorts need stops above 9550.
Holding minor resistance at 9150/9200 (in what is probably a bull flag pattern) targets 9070/50 then 8900. On further losses look for 8850/8800.
