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Gold leaves little for traders
So long as gold remains within this $1310-$1330 range there is little for either the bulls or the bears.
A breakout towards the top end would target $1335 and then $1387, while on the downside traders should look towards the $1280 and the $1260 levels.
Relative Strength Index readings show that gold is looking vulnerable once again, while a steady downturn in stochastics suggests the latest spike above $1320 may be short-lived.
Silver still in $21-$21.30 range
$21-$21.30 remains the range in silver, but again until a breakout is seen either below or above this area the situation remains unclear.
A drop lower would head towards the 200-daily moving average at $20.34, and with the metal overbought this looks to me to be the most likely outcome. A move higher would target $21.50, the March high.
Brent crude edging through 200-DMA
The commodity is edging through its 200-DMA, which would leave it open to a drop towards the starting point of June at $108. Beyond that lies the May low at $107.
Any break to the upside would need to clear $110.24, the high from Tuesday, with a close above the 50-DMA too, to add to the picture.
Momentum indicators have yet to turn around, which suggests this market is minded to head into oversold levels, as usual overreacting both on the upside and downside.
NYMEX could test 100-DMA
NYMEX is sitting right on its uptrend from the beginning of the year, the first real test of this line since the beginning of May.
We need a close back above $104 to indicate the dip is finally over, which would then open the way back towards the June top.
This may be a bit premature however, and for now any drop through the longer-term trend signals a test of the 100-DMA at $102.42.