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Gold unable to move higher
The $10 range in gold over the past week has continued today, but despite recent pushes towards $1325 there seems no appetite to go higher.
Short term, $1310 is support, being the lower end of the current range, and if this is lost then it looks likely to go back to $1280. The 100-day moving average at $1301 could provide support too, but the metal must close above $1320 on a daily chart if any rally is to be sustained.
$21 level supporting Silver
Silver is still overbought, as has been the case for over a week now. The close yesterday above $21 makes the outlook here more positive, with the next target being $21.53 and then $21.95.
$21 has now become support, and a drop through here would find support at $20.80 and then $19.80. It seems there is much more buying pressure for silver than for gold.
Brent could make further gains
This market has found support at $113 on a daily chart, which may give it the ability to move back towards the June highs above $115.
However, on an hourly chart, there seems the likelihood of further short-term weakness, as the price moves below the 200-hour moving average and the 50-hour crosses below too.
At the time of writing, $113.26 is acting as a support, but a drop through here opens the way to a test of $112.40, the 17 June low.
Now that the commodity is no longer overbought, the longer-term picture seems to indicate further gains.
US light crude recovers 20-DMA
NYMEX has recovered the 20-DMA and above the trendline from the January lows.
If upward momentum can be sustained and the 200-hour MA broken, then a move back to the week highs around $106.85 and then $107.50 is possible.
On the downside, there is plenty of support at $105.50, $105.25 and then $104.90. More newsflow about a potential lifting of the US export ban and worries about Iraq should aid further rises in the price.