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Gold could find support at $1195
The yellow metal has returned to the depths witnessed last week, leaving the downtrend intact for the time being. After a brief rise the daily relative strength index is back in oversold territory, pointing the way to further declines. The $1200 mark will likely be a major line in the sand, but real support will probably be found around $1195. Any upward move will still have to breach the 20-day moving average at $1233.
The hourly chart shows buyers have come back in around $1205, but resistance is likely around $1208 and then $1212.
Silver could drop to $16.75
The $17.30 mark is a potentially big support level stretching back into 2010, with a weekly chart suggesting a breach here leaving the way clear to $16.75. Even an upward rally in the downtrend would only see silver's price move back to $18.20, and would be viewed more as a selling opportunity than a definite turnaround moment.
Brent eyes 20-DMA
The $96.70 level is holding as support again, and with the daily RSI moving upwards we may be in for another attempt to clear the 20-DMA. This would take Brent right back to the downtrend from the June highs, and any failure to breach this would then open the way to $96. The 200-hour has been breached today, but $98 should prove to be resistance, and any drop lower still targets $96.50.
WTI could target $91.20
The week-long rally in this commodity has carried us back close to $95, where resistance was last seen. Dips back to the 50-hour MA have been treated as buying opportunities, so a drop back to $93.70 would not end the upward move. A close through the 200-hour MA at $92.39 targets $91.20, and then the 22 September lows around $90.50.