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Commodities Brief – Precious metals holding ahead of FOMC, crude eyes key support at 95.50

FXstreet.com (Barcelona) - Gold attempted to resume the bearish wave yesterday, after capping at 1400.00 level, where it failed to hold above the 38.2% Fibonacci level for the latest bearish wave. However, Monday’s bullish engulfing candle suggest a potential rebound within the upcoming period, though due the strong downside wave, it is unclear when or if short-term upside attempts will occur today, especially with the FOMC on tap later. At the time of writing, the price of gold is now trading at USD $1383.80 per oz. Wednesday during European trading.

Silver rebound could initiate in short-term
The white metal pushed again made a thrust towards the 22.00 support yesterday, setting the stage for an upside rebound on the heels of Monday’s strong bullish hammer candle. Prolonged stability above 22.00 will keep the bullish chances likely in the short-term. As for today, European trading has seen a generally convoluted movement, with silver prices settling at USD $22.59 per oz. in these moments.

WTI targets 95.50-25 support
WTI crude retreated recently after testing the main descending resistance, which effectively capped its gains. A break below the key 95.50-95.25 support may lead to further losses, initially towards the ascending trend line for the latest bullish wave. Presently, crude is negotiating a price of USD $95.82/bbl.

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