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Commodities Brief – Gold breaches 1400 level, trading below 200-week SMA, silver breaks below 24.00

FXstreet.com (Barcelona) - The commodity bloodletting has continued seemingly unabated to start off the week, with gold and silver being the primary casualties. Indeed, the yellow metal fell briefly below the 1400 level, bottoming out near the 1395 mark during US trading Monday. With strong support at the 1400 level, gold will look to regain 1425, i.e. it’s 200-week SMA. The technical structure has turned extremely bearish, as the long term bullish trend is starting to be damaged and accordingly, rallies should be treated as new opportunities to short. In these moments the price of gold is trading at just USD $1414.79 per oz.

Silver falls below 24.00
The white metal has been ravaged Monday, plummeting below staunch support at 24.00 during US trading. Having already experienced a stark decline towards the tail end of last week, silver spot prices now face tremendous headwinds and a definitely bearish outlook. In recent minutes, a recovery attempt stalled at the 24.25 level, whereby silver turned sharply downwards to trade at USD $23.88 per oz. at the time of writing.

Crude loses grip on 89.00 level
WTI crude oil remained under strong downside pressure Monday, breaking several pivotal technical barriers, perhaps the most significant being its 200-day SMA, followed by the main ascending trend line for the whole bullish trend. The price is attempting to settle below the key swing low at 89.35 as well, if succeeded, it may push towards 85.00 areas again soon. In these moments the price of crude has settled at USD $88.79/bbl.

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