Gold

(GCZ24) 
December

In our last update on Gold,  we gave some rules and guidelines for the Fibonacci retracements and major Gann squares.

From last week,

Use the 2514.00 major Gann square as the swing point for the week.

Above it the long term target is 2775.00. The short term target is the next major Gann square at 2578.40.

The rally since then has gone another $90 and had a close above the 2578.40 major Gann square. With the guidelines in the previous update for major Gann squares, we know it now becomes the swing point. As you can see on the chart the setback this week held 2578.40, it traded below it, but it is the close that matters. This keeps the market extremely strong and we are looking for the next major Gann square.

Use 2578.40 as the swing point for the week.

Above it the long term target remains at 2775.00. The short term target is the next major Gann square at 2639.40.

Below it, the short term target is the previous major Gann square at 2514.00, this is also 38.2% back to the 6/10/24 low.

Crude Oil

(CLV24) (CLX24) 
 

Nearby

The low on 9/10/24 hit not only 78.6% at 66.80, but the long term 38.2% at 66.00, this keeps the long term trend still positive. The rally from it has already hit the key retracement at 38.2% back to the contract high at 72.25 today, this is the short term swing point.

Use 72.25 as the swing point for the week.

Above it, turns the short term trend positive and you can look for the area of the 75.60 major Gann square and 61.8% of the same move at 76.25.

Below it, look for a retest of the 9/10/24 low and 78.6% back to it at 66.80.

The swing point for the week in November is 38.2% at 71.50.

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This is our latest video with analysis on Soybean Oil and the S&P 500 Futures.

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