Gold (XAU/USD)
Gold initially faced strong resistance at the 2594/98 range before pulling back to 2580. However, the market rebounded in the afternoon, breaking higher, signaling a potential buy opportunity. A breakthrough above 2603 confirmed the bullish momentum.
At this point, support is established at 2602/2598, though it is unlikely to be tested again at this stage. Traders should place stop-loss orders below 2593 to manage risk effectively. The immediate target has been met at 2521, with 2531 as the next potential level of resistance.
Looking further ahead, the price could even reach 2643. A sustained move above this level would open the path to the 2652/56 area.
Silver (XAG/USD)
Silver held a minor resistance zone at 3080/3085 throughout the morning. However, a break above 3090 in the afternoon triggered a buy signal, completing the inverse head-and-shoulders pattern.
The initial targets are set at 3120 and 3160/65, with the possibility of further upside to 3190. Traders can look to support levels at 3100/3080, while stop-loss orders should be placed below 3070 to protect against potential reversals.
WTI Crude Oil (December Futures)
WTI Crude saw significant volatility in the last session, with the December contract fluctuating between a low of 6661 and a high of 6939. The market collapsed from resistance at 6880/6920, hitting both the 6850/6830 targets and the late October low near 6690/70.
On Monday, WTI Crude staged a recovery, regaining the steep losses from the previous session. However, the market remains locked in a sideways range, making it difficult to predict a clear trend. Despite a bullish engulfing candle forming, there are concerns about the market’s lack of direction and ongoing sideways consolidation.
A break above minor resistance at 6775/6795 could lead to further gains, targeting the 6880/6920 range. A move beyond 6950 would signal a potential rally toward 6990, and possibly even 7040/70. However, if the market rejects this area, a retracement to 6870 or even 6830/10 is possible.
If prices continue to fall, a retest of the 6690/6660 range is likely, with further losses possibly testing the September 2024 low of 6545/25.
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