Gold has the potential for a new leg higher in the longer-term 20-year bull trend that is just starting. Yesterday, we traded sideways and closed unchanged as we consolidated after recent gains. The key levels to watch are 2494/91 for a buying opportunity with a target of 2525/28. A break above 2533 could lead to targets of 2539/43, 2554/56, and even 2565 and 2578/82. A buying opportunity lies at 2494/91 with stops below 2485 for long positions.
Silver’s break above 2920 was another buy signal this week with targets of 2940/45 and 2970/75. The first buy level is at 2920/2900, and longs should have stops below 2875. Further targets include 2940, 2960, 2980, and a break above 3000 could target 3035 and 3060.
WTI Crude October Futures remain caught in a longer-term sideways channel, with last session’s low and high at 7146 and 7416. The monthly ranges have been decreasing for the last 11 months, with a potential sell level at 7360/7400 targeting 7220/7200 and 7170/40. A break below 7075 could signal a sell targeting 6990/6970 and 6910/6890, possibly even as far as the December 2023 low at 6800/6770. Bulls need a push above 7490 to target resistance at 7560/90, while shorts should have stops above 7640.
Overall, investors should keep a close eye on these key levels and potential breakouts for profitable trading opportunities in the gold, silver, and WTI Crude markets. By understanding the technical analysis and price targets, individuals can make informed decisions to maximize their investment returns and navigate the volatility of these commodities. Remember to always set stop losses and manage risk effectively to protect your capital.