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Gold: Are We Looking at a Base Building or Breakdown in Disguise?

ByJason Sen
Published 10/06/2025, 08:24
Updated 10/06/2025, 08:48
Gold Spot US Dollar
0.11%
Silver Spot US Dollar
0.56%
NXT
-2.43%
GC
0.10%
SI
0.41%
CL
1.24%

Gold

  • Gold (XAU/USD) held key support at 3309/00 on the open with a low for the day at 3293.
  • Longs at key support at 3309/00 hit the 2 targets of 3320/23 and 3327/30 - a high for the day at 3337 so we made the most of the movement of the day.
  • Longs need stops below 3291 on a retest of key support at 3304/00.
  • A break below 3290 is a sell signal for this week targeting 3275/73, perhaps as far as 3263/60.
  • A break above 3337 can target 3341/44, perhaps as far as 3348/50 but probably no further in this sideways consolidation phase.

Gold 4-HOUR Chart

Silver

  1. Silver (XAG/USD) finally made a move and shot higher through key resistance at the 2024 high of 3486/87.
  2. Perhaps bulls are to finally gain control of this market.
  3. Next (LON:NXT) target is 3730/45. We are closing in with a high for the day at 3689.
  4. Support at 3580/60 this morning but longs need stops below 3540.
  5. Strong support at 3500/3480 and longs need stops below 3460.

Silver 4-HOUR Chart

WTI Crude JULY Future

  • Last session low and high: 6420 - 6543
    (To compare the spread with the contract that you trade).
  • WTI Crude July creeping higher through 6340/6410, after holding this level for 4 days in a row and almost 4 weeks.
  • Having held 6340/6410 for so long, the break above 6420 targets strong resistance at 6500/6550. (We made a high for the day exactly here yesterday).
  • Shorts need stops above 6600.
  • A break higher is a buy signal targeting 6690 and even 6780/6800 is possible.
  • The target for shorts is 6390/6370 and a low for the day is certainly possible here but longs need stops below 6300.
  • A bounce from here however, can retest 6000/6550.

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