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Gold Target Shifts to $1800/oz Handle

COMMODITIES

The pullback in WTI futures earlier this week undermines the recent bullish theme and suggests scope for a continuation lower near-term. A bearish shooting star candle Monday was followed by a bearish engulfing candle formation on Tuesday. These patterns highlight a short-term reversal. A continuation lower would open $81.30, the Oct 18 low. On the upside, key short-term resistance is at $93.74, Nov 7 high. Gold found support again Thursday and rallied sharply higher. This week’s gains have resulted in the break of a number of important resistance points. Yesterday’s rally cleared $1729.5, the Oct 4 high. This strengthens the current bullish theme and paves the way for a climb towards the $1800.0 handle and resistance at $1807.9, the Aug 10 high. On the downside, initial support is seen at $1702.3, the Nov 9 low.


  • WTI Crude up $2.15 or +2.49% at $88.62
  • Natural Gas up $0.04 or +0.56% at $6.275
  • Gold spot up $4.78 or +0.27% at $1760.93
  • Copper up $9.9 or +2.63% at $386
  • Silver up $0.1 or +0.44% at $21.8024
  • Platinum up $21.14 or +2.04% at $1058.37
Energy BulletsCommodities
Energy BulletsCommodities

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