Levels to watch: gold, silver and crude

Commodity prices have stabilised after the Federal Open Market Committee minutes, although gold remains stuck below $1200 and oil is looking weak once more.

Oil pipes
Source: Bloomberg

Gold supported by $1180

Gold remains stalled and unable to recover the highs of earlier in the week, thanks to Fed minutes that showed there was no real argument over the end of QE3. For now the price remains supported around $1180, buyers having stepped in this morning. Some brief excitement around a Swiss poll regarding the upcoming referendum on gold reserves saw the price dive and then leap up yesterday, but this volatility aside gold is still moving higher in the short term.

Silver could slip to $15.90

We actually saw a brief spike for silver through the July downtrend line yesterday, but that was quickly knocked back. The price is testing the water around the line once again, with a close above it targeting $16.40 and then yesterday’s high at $16.60.

Meanwhile support has so far been found at $16, while a break below here could take us back to the 200-hour MA at $15.90. A move lower than that carries us back to the Friday lows sub-$15.40.

Brent gains capped by 50-hour MA

With oil prices under pressure once more the bears may be able to force a second test of the lows from last week around $77. Gains to the upside may be capped at the 50- and 100-hour MAs, which are both sitting around $78.60 for the time being. A further move upward will likely find resistance at $80.

WTI steadily moving lower

US light crude has been steadily moving lower in recent days. The first target is the Wednesday low at $74, followed by the Friday low just below $73.50.

Any move upwards will need to break $75.20 and then head towards the 200-hour at $76.

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