Gold could target $1202
All eyes are on the $1240 level as the metal tries to break above here yet again. It didn’t manage it yesterday and another failure today could see a slump downwards. Even a close above here would still need to break the 50-day moving average at $1252, but a rising relative strength index seems to indicate there is still some upward pressure keeping the multi-day rally going.
A drop lower today targets $1221, followed on by $1215 and then $1202.
Silver RSI looks positive for bulls
The rising daily RSI still gives the bulls an upper hand here but their advantage is slipping away with each day that silver's price fails to consolidate above $17.50. A close above here would target $18.50 and then $19.45, while any loss of the $17 zone would shift the target more towards $16.05.
Brent going backwards
Wholesale retreat continues to be the theme in oil markets, with Brent being no exception. A drop below $84 means that the price now targets $82.60 and then $80.40, while a bounce to the upside needs to clear the 50-hour MA around $85.44, and then on to $87.36, the 100-hour MA.
WTI could reach 2011 low
The $80 zone was major support for WTI during the 2012 slump, and a bounce here might provide short-term relief. If so the targets become $81.90 and then $82.50. Any drop through $80 would target the 2012 lows around $77.30 and then $74.90, the 2011 bottom.