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Commodities Brief – Silver falls below 23.00, gold faces bearish prospects targeting recent lows

FXstreet.com (Barcelona) - The yellow metal has slipped Wednesday, capsizing the prospects of an intraweek recovery and threatening to move below the 1400 mark. Gold prices have picked up during European trading where the Asian session left off, plunging down to the 1408 level (session low), before rallying slightly to USD $1411.26 per oz. in these moments. Gold is finally gathering downside momentum, resuming the overall bearish wave. Overall, a negative view remains plausible, targeting the recently printed lows near 1320.00 level. However, holding below 1478.00 will keep this bearish scenario valid.

Silver testing 23.00
Spot prices of silver have been under siege as well today, bleeding off recent gains in a race lower. The 23.00 level was breached earlier today during European trading Wednesday, and the white metal is now operating at USD $22.98 per oz. Silver is attempting to move towards and eventually break the 23.25 support level – successfully holding below it may confirm further sell-off and a possible retest of 22.00 low once again.

WTI trading at 50-day SMA
WTI crude oil has broken the main ascending trend line, invalidating a previously inert bullish scenario. The commodity is heading towards a previous key low at 93.35 level, which intersects its 50-day SMA around near this region .In these moments, crude has maintained a price of USD $93.53/bbl.

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