Gold could rise to 200-H MA
The selling in gold has halted here for the time being, with $1215 providing support. However, rallies over the past week tended to find resistance around $1222, and even if we see a more sustained bounce in coming days the 20-day moving average around $1237 is going to be a big hurdle.
Once again the hourly chart is showing the steady rise towards the 200-hour moving average. But, pushes through this level have been short-lived and taken as an opportunity for sellers to step back in. Any close below $1215 targets $1200 and then $1195.
Silver eyes $18
Declines in silver are pushing us towards $16.90, which is possible support running back to 2010. The daily chart remains massively oversold, but any rally will still likely run out of steam around the 20-DMA at $18.50. Silver needs to claw its way back to $18 and then retake $18.80 to indicate that the trend direction has changed, if only in the short-term.
Brent gains capped by $97.20 area
The slight declines in oil prices, so far today, mean that Brent crude's downside scenario is still intact. The $96.50 mark is holding as support for the time being, but gains have been capped by the $97.20 area, with the 200-hour at $97.53 also likely to act as resistance, as has been the case so far this month.
WTI could find support at $92
US Light Crude has steadily risen over the past week, with the 50-hour MA providing useful support during this period. The first target on the upside is $93.50, followed by the Friday peak around $93.70. Any drop back below the 200-hour MA at $92.35 would end this current short-term rally and open the way to possible support at $92.