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Commodities Brief – Precious metals rebound off Asian lows, crude downside imminent below 96.70 resistance

FXstreet.com (Barcelona) - The yellow metal is moving downwards for the eighth trading day, which initially approached support at the 1321.00 region. However, in being capped by the 20 and 50-day SMA and in addition to negative candlestick formation, further weakness seems likely on the horizon for gold prices. Ultimately, a potential break below the 1321.00 region could bring aggressive downside actions and sweeping movements, though the MACD solidifies the technical anticipations of resuming the downtrend by drawing a negative crossover presently. At the time of writing, the price of gold is now trading at USD $1354.43 per oz. Monday.

Silver looks to avoid major plunge
At the opening Monday, the white metal quickly exhibited a drop towards the 20.35 region after achieving consecutive bearish movements during the previous period. Indeed, its 20 and 50-day SMA continue to cap prices as well reinforcing resuming the major short-term bearishness. Investors should take heed of a break below 20.35, as this could weaken the silver to the psychological level of 20.00. In these moments, the price of silver has rallied slightly, settling at USD $21.53 per oz.

WTI eyes pivotal 96.90 resistance
Crude oils 100-day EMA is adapting a general sideways bias, highlighting heavy resistance at the 96.90 level. The stochastic is showing overbought signals and RSI are showing a weak upside signal. Therefore, a downside move seems plausible this week unless prices illustrate some manner of a breakout and stability above 96.90. In these moments, crude is negotiating a price of USD $95.41/bbl.

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