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While equity markets seem content to rally ahead of news from the Federal Reserve meeting, commodities are certainly less keen on moving too far in either direction. Gold fans might get a slight lift from an FOMC decision but overall any move higher in this area will be short-lived.
Meanwhile oil prices are moving to their highest level in several days but are now running into potential resistance.
Gold still rangebound
Gold continues to sit between $1225 and $1233, and until the Fed reaches its decision this state of affairs is unlikely to change. The steady downtrend from the July highs is still in effect, and feeding back into the decline from the October 2012 highs. Short-term moves higher are likely to be capped by the 100-hour MA around $1230.
Silver could head to $17.14
Yet again silver finds itself heading to the medium-term downtrend from July. Targets on the downside remain $17.14 and then the month lows around $16.80, while only a close above $17.50 would negate the idea that the metal is set for further losses in the weeks to come.
Brent trying to overcome $87 hurdle
The Brent price has rallied hard so far this morning but the $87 zone has been a major hurdle over the past week or so. A drop back here would put us back on course for $84.60 and then $84.20. Meanwhile if we see a move higher then the immediate target is the 16 October spike to $88.
WTI pushes through 200-hour MA
US light crude has pushed through the 200-hour MA for the first time since 22 October and is consolidating the gains made over the past two days. Upside targets are $83 and then $83.30 and then $83.80. Meanwhile a drop lower takes us in the direction of $80.30, with $80 still being the likely major support on the downside.