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Commodities Brief – Sparkle wears off for precious metals Friday, crude oil bounces to 95.00

FXstreet.com (Barcelona) - Gold prices have weakened during European trading Friday, erasing an otherwise positive early performance and falling off highs at 1388. As such, the movement lower took the yellow metal to the depths of 1373 before a mild recovery back to USD $1378.48 per oz. at the time of writing. The outlook remains strictly bearish for the commodity, as precious metals have performed staunchly lower intraweek.

Silver trading off highs
The price of silver rebounded after testing the region near the 22.00 threshold, however the price is now pushing towards the neckline for a potential inverted head and shoulders pattern that is clear on the hourly time interval. The neckline resides at 22.80 level, and thus a break and stability above the level could extend the bullish bounce initially towards 23.25 broken support level. At the time of writing, silver spot prices finds themselves under siege at USD $22.51 per oz. Friday, following a movement below its highs of 22.71.

WTI bounces to 200-day SMA
After recording a giant hammer candlestick at its 200-day SMA, WTI crude oil bounced higher currently retesting the broken ascending support. However, the price could be completing a retest of the broken trend line ahead of moving back lower, where holding below 95.50 is necessary for a bearish scenario to remain valid. In these moments, crude is negotiating a price of USD $95.00/bbl.

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