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Commodities Brief – Precious metals capped at key resistances, crude recovers and targets upside at 95.50

Gold continues to push higher, however the upside move was initially capped at the 1400.00 key resistance level. Ultimately, a clear break above 1400.00 will confirm investors bullish expectations, and signal a short-term upside reversal initially towards 1445.00-1450.00 area. In these moments, the price of gold is trading at USD $1390.50 per oz. Friday during European trading.

Silver must hold 22.00 for upside in near-term
Silver ended yesterday’s session higher, after bouncing from the mid 22.00 range, which remains constructive over the near-term. So long as the 22.00 barrier/support holds, the price should eventually move higher in a correctional wave – the RSI is gradually losing the bullish steam as well. At the time of writing, spot prices for silver are trading at USD $22.55 per oz., locked in a tight consolidation during the European session.

WTI rebounds and targets 95.50
WTI crude oil rebounded strongly following a retest of its 200-day SMA and 92.40 major swing low and support level. A rebound is normal after testing this major support area, where price is currently retesting its broken trend line. A re-attempt to the downside is probable today, so long as 94.30-94.40 resistance level is limiting further upside, while a push above 94.40 could extend the move to 95.50 resistance. In these moments, WTI crude oil is negotiating a price of USD $94.07/bbl.

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