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Gold still around $1160 region
A wide trading range on a daily basis on gold has, over the past three sessions, resulted in only a modest change in the price. We still sit around $1160, refusing to go below $1154 and not particularly keen on breaking above $1162.
The current bands to look for are $1154 on the downside and $1180 on the upside, with a close below the former targeting $1140 and one above the latter pointing us in the direction of $1200.
Silver remains rangebound
The same can be said of silver, which has failed to move out of a trading range defined by $15.50 on the downside and $15.80 on the upside.
The price has clambered out of oversold levels, but a close above $16 is needed for any change of further gains in the direction of $16.50. Any drop below $15.50 would open the way to a test of the November lows just above $15.
Brent loses $82 support level
Brent has tested new multi-year lows today, as the $82 support level recedes into history.
So far the positive divergence on the daily relative strength index is having little effect, and a break of the vital $80 level would mean that oil is in a very different world to the one it occupied just a few short months ago.
The 100-hour MA continues to act as potential resistance, with any break beyond this targeting the 10 November high at $85.
WTI gains capped by 100-hour MA
Buyers in US light crude continue to defend the $76.50 support zone, as they have done throughout the month so far.
As with Brent, the 100-hour continues to hold back upside progress, but a break through here would head towards first resistance around $79 and then $79.80.