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Commodities Brief: Oil again hovering above key support at 92.00

FXstreet.com (Barcelona) - It was a mixed day for the commodities markets, with gold and silver finishing green on the day, while oil was unable to follow and closed with steep losses.

On a day when the US Dollar finished sharply lower on the day, the price action in both the precious metals was somewhat disappointing. Gold closed the session up 0.94% at 1392, while silver finished up 0.71% at 22.40. However, short term moving averages remain in slightly bearish set up, with price consolidating just below the downward sloping 9 and 20 dma’s. The RSI (14) also remains in bearish set up, sitting just below the 40 level and maintaining the bearish zone between 20 and 60.

Oil was a different story, closing down 2.27% at 92.89. The technical picture on oil remains very range bound. Short term moving averages and the RSI (14) both remain in neutral set ups as neither side can generate enough momentum to produce significant follow through. Initial support sits at 92.20 (low from previous week), followed by 91.50 (previous resistance, now support on daily chart). Initial resistance remains at 93.50 (previous support, now resistance), followed by 94.41 (the 9dma).

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