Vi bruker en rekke cookies for å forsikre oss om at du får den beste brukeropplevelsen. Ved kontinuerlig bruk av denne nettsiden, godtar du bruken vår av cookies. Du kan lese mer om policyen vår for cookies her, eller ved å følge linken nederst på alle sidene på nettstedet vårt.
Gold to see further declines
With $1150 in gold now passed, the likelihood is that we will see further declines in the direction of $1100 and then $1050 itself, the lows of 2010.
The weekly relative strength index is now oversold, so a bounce back towards $1180 is entirely plausible, but will simply be yet another selling opportunity. The picture remains bearish and only a weekly close above $1250 would negate the downside scenario.
Silver heading towards 2010 low
As gold goes, so does silver, but only in a more dramatic fashion. The truth of this adage was proved today as the white metal dived over 4%, pushing towards the 2010 low at $15. A weekly close below this point is likely to head towards $12.60 and then $11.75, although with silver’s weekly RSI also flashing as oversold, a short-term bounce back to $17.80 is possible.
Brent support held at $82
Support has held at $82 for the time being, and with the intraday RSI rising we may see a move back towards $83.20, with potential moves higher even targeting the 50-hour MA at $83.70.
A weekly chart would suggest that a drop lower from current levels would hit $80.40, and then $77.60. As with the two previous commodities, Brent is oversold on a weekly chart, but there has been no sign that this condition is about to change.
WTI oversold on daily chart
Support at $75 looks to be the next destination for US light, even with the weekly RSI at oversold levels.
With the daily chart also oversold, a bounce back to $80.65 or even $81.95 is a possibility, with any short squeeze adding to the upward momentum. However, this again is going to be a signal for shorters to look anew at the downside. For the time being $76 seems to be holding as support.