Uninspired gold prices remain rangebound
Gold prices continue to be trapped in a range, currently trading at $1,197, on Monday after seeing a short-term spike up to $1,203 in overnight markets, which still failed to post a close outside the long-standing trading range. With minimal economic data releases scheduled for Monday, it is likely that consolidation will remain the trend.
Intermediate support for gold is likely to be seen at $1,196, with topside resistance at $1,200.
Silver higher on weakening volumes
Declining daily traded ranges in silver have resulted in price action moving higher in a shallow, choppy, trend retesting the $16.15 level which has held despite three attempts to rally through over the previous trading week.
The slowdown in volumes coupled with a move higher leaves the trend susceptible for a sharp correction, so daily support/resistance ranges have been tightened with downside support possible at $16.02, with a close above $16.15 needed to in order to signal a possible bullish move to $16.29.
Brent approaching key level
Brent prices have continued to rally off its recent lower high at $59.06, currently trading at $61.91, with upside targets of $63.53 – a level which has held on three separate occasions over the past week of trading. A close above will need to be seen in order to confirm a possible trend reversal that could then see a retest of $65.56. Should the $63.53 level hold then a sharp correction could be seen, as has been the case three times before, and could bring $59.74 back into play.
WTI in search of support
Price action in WTI is a similar story to Brent, with a break above $59.18 needed in order to improve bullish sentiment, which given a reading of 55.4 in WTI’s RSI could see a potential move higher over the near term. A close above the aforementioned level could result in a retest of $59.89. Downside targets, however, remain at $56.64.