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Commodities Brief – Gold nestled below 1400, silver gathers steam for breakout

FXstreet.com (Barcelona) - The price of gold continues to trade within the handle of the inverted cup, which has thus far failed to break the support of the handle during European trading Wednesday. An ultimate break below the ascending support of the handle may signal a continuation of the overall bearish wave, targeting initially the latest major low at 1321.00. Conversely, a clear break above 1400.00 is required to negate the short-term bearish outlook and target 1445.00-1450.00. At the time of writing, the yellow metal has settled at USD $1385.82 per oz.

Silver holding a tight consolidation
Silver has been trading within a very tight range recently, hasn’t provided any tradable opportunity. Meanwhile, this slow low volatility environment hints a breakout is in the works, as low volatility is always followed by sharp moves. At the current levels, the MACD in negative territory, and the price of silver has now fallen to USD $22.25 per oz., trading off intraday lows at 22.18.

WTI could see price action
WTI crude oil extended the bullish move towards the full target at 95.50 resistance, and higher, before retreating again, currently heading towards 94.40-94.30 support level. The market may see an intraday bounce from this support and in these moments, WTI crude oil is negotiating a price of USD $94.81/bbl.

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