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Commodities Brief – Gold loses grip on 1400 level, silver bullish scenario activated after fall below 23.50 support

FXstreet.com (Barcelona) - The yellow metal broke past the 1410.00 support level, threatening the immediate bullish breakout movement. Worse yet for gold bulls, prices lost their grip on the key 1400 barrier, establishing fresh lows during US trading Friday. Requisite for any manner of upside, the price of gold must hold the key 1400 level, or else a downside trend may loom in the near-term. The next support lies at 1388, and in these moments gold is trading at USD $1392.64 per oz.

Silver bullish scenario activated
Despite the recent uptick in silver spot prices during the latter stages of this week, the price of silver broke lower today, notably during US trading, in which the 22.50 support level was breached. However, this activates a bullish scenario, potentially culminating in a short-term climb in price – the primary stipulation is stability above the critical 22.00 support. At the time of writing, the price of silver is trading at USD $22.28 per oz.

WTI testing key 92.40 support
WTI crude oil moved lower during the European session, after testing the its 50-day SMA, and thus approaching the key 92.40 support. In these moments, crude prices are trading at USD $92.74/bbl Friday during US trading.

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