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Commodities Brief: Precious metals finish higher as USD slides

FXstreet.com (Barcelona) -The precious metals markets have started the week on a positive note, with the gold and silver bulls seeming to find confidence as the greenback traded lower across the board (DXY closed down 0.80% at 82.68) on weaker than expected ISM data released during the New York session.

After all was said and done, gold finished the day up 1.58% to finish at 1410, while silver climbed 2.21% to finish at 22.66. Both commodities appear to be trying to carve out a base over the past few weeks, but there is still more work to be done in order to turn the trend back to bullish. Initial resistance in gold sits at 1422 (previous week high), followed by 1440 (previous support, now resistance). First support sits at 1403 (the 20dma), followed by 1396 (the 9dma). As far as silver goes, first resistance sits at 23.10 (upper end of trading range), followed by 23.40 (previous support, now resistance).

Oil continued its choppy trading behavior, recovering the majority of last Friday’s losses to finish up 1.80% at 93.39. Technical indicators on the daily chart continue to paint a mixed picture, with both moving averages and the RSI (14) sitting in a neutral set up. First resistance sits at 94.00 (the 200dma), followed by 94.71 (the 20dma). Initial support sits at 92.20.

AUD/NZD flat for the week around 1.2050

AUD/NZD is last at 1.2055, off early NY session fresh almost 4-week highs at 1.2120, printed on the back of worst US ISM Manuf PMI since year 2009. Aussie spiked first to the upside stronger than Kiwi, but then Kiwi started catching up, thus leaving the cross flat for the week so far.
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