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Commodities Brief – Gold prices favor bullish movement higher, capped by 1400 resistance for now

FXstreet.com (Barcelona) - The price of gold has retested 1420.00-resistance level on Friday, before ultimately retreating to retest the short-term broken descending resistance around the 1385.00 level. After breaking this trend line, the bullish rebound scenario remains favored, eventually looking to rebound towards 1445.00, the 50-day SMA at 1460.00 and finally the previous key horizontal resistance 1478.00. At the time of writing, the yellow metal has settled at USD $1396.88 per oz. during European trading.

Silver maintains tight consolidation
Silver remains confined within a tight trading consolidation among 23.30-22.00 levels, although investors have seen a sharp dip to levels near 20.00. Having operated near this support, the price rebounded quickly and re-entered the same trading range. However, the sharp drop to 20.13, followed by the strong rebound hints a potential move higher, needing a break above 23.30 to confirm it. Overall, holding above 22.00 keeps our bullish bias valid. At the current levels, the price of silver has now moved to USD $22.48 per oz. Monday.

WTI returns to key supports
WTI crude oil has decisively broken 92.40-key support level, the 50-day and the 200-day SMA as well – a retest of the 90.10 downside target is likely in the cards, where pullbacks towards 92.40 could provide new opportunities to short the commodity. Presently, WTI crude oil is negotiating a price of USD $91.89/bbl.

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