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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.