Gold remains stuck in a 4-month sideways channel, but with the release of inflation numbers, a breakout could be imminent. Currently holding the 1-month upper trend line at 2473/75, a break above 2479 could test the July all-time high at 2483/84. On the downside, a break below 2458 may target 2452/50 with support at 2438/33. Long-term, a breakout above the all-time high could signal a new leg higher in the 20-year bull trend.
Silver, on the other hand, has been trending lower but bounced over the past week. Testing a 4-week downtrend line around 2770/90, a break higher could signal a buy opportunity targeting 2840/50 and possibly 2900/2910. Shorts should be cautious with stops above 2805.
WTI Crude September Future is also caught in a longer-term sideways channel for around 2 years. Currently retracing losses from mid-July, it’s difficult to identify opportunities in the middle of the range. Holding above 7890/7850 could lead to a move towards 8300, while a break below 7800 may slide to 7660/20. The 11-month trend line resistance at 8250/8300 could be tested in the near future.
Overall, Gold, Silver, and WTI Crude are all in consolidation patterns, with potential breakouts in either direction. Traders should watch key levels closely and be prepared for volatility in the coming sessions.