Bears retake control of Brent
Brent failed to take out a multi-year low of $67.55 on Friday, posting a higher-low of $69.70 which it has since managed to bounce off to its current level of $68.13. However, given the unchanged fundamental story, it remains the downside that is likely to prevail with short-term targets of $67.11 should the $68.37 upside level hold.
Further weakness likely in WTI
Much like Brent, WTI prices remain poised to the downside trading at $64.67 having rallied off its December 1 low of $63.70. With the resumption of the bear trend it is likely that a retest of the aforementioned low will be seen. Immediate risk ranges to the topside are at $64.83, which if a close below is seen could trigger a move lower to $63.56.
Gold bounces off oversold move
Despite a selloff on Friday’s positive US job report gold prices appear to have posted a bottom, and since rallied retracing 50% off the non-farm payroll losses. In order to confirm a bullish pattern, a close above $1,197.1 is needed. Should the $1,197.1 level hold, a retest of the recent high of $1,220.5 is likely with further upside targets at $1,225.2. However, should a close be seen sub-$1,196.9 then the next clear area of consolidation to the downside is at $1,192.6.
Silver holds four-year low
Silver posted a four-year low of $14.42 on Friday, which has since rallied back to $16.35, but with an immediate topside resistance point at $16.38. Bulls will want to see a close above this level in order to sustain a move higher, which if achieved could lead to $16.45 over the short-term. However, should the bull run fail at $16.38 it is likely to retest $16.29.