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Commodities Brief – Precious metals fall to intraday lows, crude holding above key supports

FXstreet.com (Barcelona) - The price of gold traded in a rather tight consolidation yesterday, currently operating Tuesday at the same levels lower than seen previously, i.e. below the key resistance at 1400.00, and the main descending resistance for the whole bearish wave. Accordingly, neutrality persists in preparation of a breakout of this tight range to confirm the next potential move. In addition, the upside is favored, however the 1400.00 is needed to confirm a move higher, probably towards 1445.00-1450.00 resistance. At the time of writing, the yellow metal has settled at USD $1379.20 per oz. Tuesday during European trading.

Silver wanes lower to session lows
Silver has been hovering within a very tight range for the past few days, above 22.00 key support level. Thus far, the 22.00 barrier continues to be intact, as price failed to close any trading session below this level, and thus the bullish rebound scenario remains possible. With the MACD in negative territory, the price of silver has now fallen to USD $22.28 per oz., establishing fresh intraday lows.

WTI finds rejection at support
Crude Oils 200-day SMA alongside its 50-day SMA were able to reject downside attempts recently, confirming 92.40 as a key support level, and downside barrier. The price has formed a major hammer candle at 92.40 for the second time and accordingly, a bullish rebound is possible so long as 92.40 is holding – only a break below 92.40 would signal a bearish reversal. In these moments, WTI crude oil is negotiating a price of USD $94.47/bbl.

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