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Commodities Brief – Precious metals shed recent gains, gold holds above 1400 barrier

FXstreet.com (Barcelona) - Gold extended its rally towards the first upside target at 1420.00-resistance level, which effectively capped a prolonged rally for now. A clear break above 1420.00 however, will confirm further upside towards the full upside target at around 1445.00 area. Overall, settling back above 1400.00 favors further upside over the short-term. At the time of writing, the yellow metal has settled at USD $1411.00 per oz. during European trading.

Silver wedged between key figures
Silver moved higher yesterday, recording a fresh high at 23.12 before retreating back below the 23.00 barrier. The two key levels to monitor overt the short-term timeframe are 22.00 key support, and the 23.28 key resistance – a break above 23.28 should confirm a move higher towards 24.80 swing high. At the current levels, the price of silver has now fallen to USD $22.60 per oz., trading off intraday highs at 22.85.

WTI returns to support
WTI crude oil extended the bounce after failing at the 200-day SMA and 92.40 key support level, only to retest the 50-day SMA and thus resume the bearish direction. Holding below its 50-day SMA suggests the market may see renewed downside pressure over intraday basis, and accordingly, another downside attempt towards 92.40. Presently, WTI crude oil is negotiating a price of USD $92.84/bbl.

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