Gold Price Analysis: Strong Resistance Ahead
-
Gold is headed higher towards strong resistance at 2648/52, with shorts needing stops above 2657.
-
Despite hitting 2658 on the release of US inflation data, Gold crashed to 2620 immediately after.
-
The bear flag pattern indicates Gold will continue lower towards 2617/15, potentially retesting the November low at 2610/05.
-
A break below 2602 signals a sell-off targeting 2595/94 and 2580/75, possibly extending to 2565.
-
Expect limited gains as Gold transitions to a medium-term bear market, with strong resistance at 2648/52.
Silver Price Forecast: Testing Key Support Level
-
Retesting the November low at 2675/65, Silver is currently at a critical level as predicted.
-
Missing the sell opportunity at 3080/90 by just 10 ticks, there’s a potential head and shoulders pattern at 2955/45 to watch.
-
A break below the key support level signals a medium-term sell-off targeting the 200-day moving average at 2905/00, with a measured target towards the 500-day moving average at 2670/60.
-
Expect limited gains post-bull trap, with strong resistance at 3030/40 and shorts needing stops above 3060.
WTI Crude January Futures Update
Last session’s low and high for the December contract: 6818 – 6937.
High for the day hit first resistance at 6940/70, with the next target and resistance at 7030/60. Shorts need stops above 7090.
Failure to break resistance may retest minor support at 6850/30, with a break below 6800 suggesting further losses towards 6775/55 and the November low at 6680/50.
Analysis: Gold and Silver prices are facing strong resistance levels, indicating potential downward movements. Traders should watch key support levels for selling opportunities. WTI Crude futures are fluctuating near resistance, with a possible downside if support levels are breached. Stay informed and adjust your trading strategies accordingly to maximize profits and minimize risks.