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Commodities Brief: Oil unable to hold support at 92.00

FXstreet.com (Barcelona) - It was a rough day for the commodities markets, with both precious metals and oil finishing the day sharply lower.

Oil was unable to hold previous support near the 92.00 area, closing down 2.16% at 91.60 (lowest close since early May). The close below 92.00 could help put additional pressure on prices early next week as the next major support level now sits at just below 90.50 (low price from May 1st). Initial resistance now sits at 92.00, followed by 93.40 (the 9dma).

Precious metals also finished the day lower, with gold giving back 1.69% to close at 1388 and silver declining 2.20% to finish at 22.20. From a technical perspective, gold closed below the short term support line which had been located at near the 1395 area. This is a bearish development which could help to weigh on prices in the coming session. Initial support now sits at 1384 (previous day low), while first resistance is at 1405. As for silver, it still remains range bound between 21.90 and 22.90 on the daily chart. A close outside of this range would likely set the tone for the next major move.

EUR/JPY range bound behavior on daily chart continues

The EUR/JPY finished the day slightly lower, down 88 pips at 130.59 but again finding firm support just above the 130.00 level.
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