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Commodities Brief – Precious metals trade at intraday highs, gold held below 1400

FXstreet.com (Barcelona) - The price of gold has been consolidating for the past week or so, pushing gradually higher towards 1400.00 (key short-term resistance level) – a break above 1400.00 and the descending resistance for the latest bearish wave should signal a move higher within the overall sideways range (1320.00-1485.00) targeting 1445.00-1448.00 as an initial upside target. There remains a bullish bias towards gold this week and in these moments, the yellow metal is trading at USD $1393.51 per oz. Monday during European trading.

Silver looks to target 23.00
After dipping sharply last week below 22.00 down to 20.13 (intraweek low), silver rebounded strongly to settle back above 22.00, hinting a potential rebound is imminent. The level continues to hold, as silver hover around 22.50, RSI is showing a bullish divergence as well, with bullish rebound expectations unchanged. At the time of writing, spot prices for silver are trading at USD $22.72 per oz., at session highs.

WTI finds support
The 200-day SMA, alongside the 50-days SMA were able to reject downside attempts recently, confirming 92.40 as a key support level, and downside barrier. A break below this support is required to confirm further downside in the near-term. In these moments, WTI crude oil is negotiating a price of USD $93.51/bbl.

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