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Gold could find support at $1275
Gold is attempting to breach the 200-day moving average for a second successive day, but $1290 remains the level that will need to be broken for a sustained move higher.
Support still holds around $1275 for gold, but as the post-Jackson Hole sentiment fades we may see another test of this level. A drop through here would open the way to $1270 and then on to $1250. The hourly chart shows a clear downtrend running from $1320, with a turn lower in the intraday relative strength index indicating that buying pressure is beginning to ebb once again.
Silver looks to $19
Silver failed to hold any of its gains yesterday, so with downward pressure still evident the focus shifts towards the $19 level. The downward trend from $21.50 is still holding back any move to the upside, so until we see a move back through $19.80 the bearish scenario prevails, even with a move out of oversold territory for the daily RSI.
Brent could test $101
This commodity shows little enthusiasm to move above the $102.80 area, despite a brief jump higher yesterday. The attempt to break out was swiftly beaten, something which is a bearish sign for price action here. A drop back through $102 would lead to tests of $101.50 and $101, and likely carry us back into oversold territory too.
As noted before, the daily RSI is not moving above the 50 level, so until this occurs there is little chance of a move upwards in the price, particularly as geopolitical concerns are receding.
WTI finds support around $92.50
WTI has moved above $94, but with little evident enthusiasm, especially ahead of crude inventories from the US later today.
Support still holds around $92.50, and then below that around $91.50. The one area of optimism would be the move above the 200-hour MA, but this will need to be confirmed with a sustained rise through upside resistance around $94.40.