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Commodities Brief – Silver loses grip on 23.00 level, crude plunges below 88.00 support

FXstreet.com (Barcelona) - The price of gold is struggling to break above 1428.00 resistance level, as the price has formed a bearish shooting star candle whilst failing to record a closing above the level on a four-hour closing basis. As such, bearishness looks to engulf the yellow metal, however, for further confirmation, a break below 1417.00 level would usher in the 1400 barrier and support once again. In these moments the price of gold is trading at USD $1413.61 per oz., falling off highs at the 1428 resistance.

Silver falls below 23.00
The dual resistances at 23.70-24.00 were ultimately too much for the white metal to handle, as these proved to cap and ultimately stymie any recovery in silver prices yesterday. With silver trending lower and losing its grip on the 23.00 level, a break below this support could lead to a retest of the recently recorded low at 22.00 mark. Near-term, the outlook is definitely bearish, and at the time of writing the price of silver is trading at USD $22.73 per oz.

WTI weakens past 88.00
WTI crude oil retested the previously broken support level, which turned into a key resistance around 89.00-89.40 area, where it managed to push price again lower as expected. While a bullish correction could ultimately transpire, the immediate price action appears to be negative, with crude prices settling at USD $87.88/bbl Tuesday.

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