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Gold could target $1210
Gold’s sharp drop this morning was swiftly reversed but overall it looks like the metal is finally losing its grip on the $1200 zone. Admittedly it never looked very secure, but while it was hovering around $1198 there was always hope.
The $1195 level has become support again, as has been the case for the week, while bulls should be relieved that the 200-hour moving average continues to hold for the time being. As has been true all week, the upside target is still $1205 and then $1210.
Meanwhile, a break of $1195 would put us back on course to test $1180, and then all the way down to $1154.
Silver buyers to keep price above 200-H MA
If silver breaks back below the July downtrend it will be perhaps the biggest disappointment of the month. The breakdown that began yesterday has continued and although, as with gold, there were still buyers to keep the price above the 200-H MA, the picture does not look good.
So long as the $16.20 level support holds and the price remains above the 200-H MA, then we can expect another attempt to target $16.50 and then $16.70. A break below $16.20 takes us back to the July downtrend as potential support, followed by the 19-20 November lows at $16.
Brent awaits OPEC meeting
With the OPEC meeting today it seems futile to try to suggest levels ahead of any major news, although for Brent the break through 14 November lows signals that the sellers still have the upper hand. With the hourly chart now flashing oversold we could have a small bounce, but this would only need to carry us back to $76.50 and then $77 before sellers might ease back into the picture.
WTI eyes $73
A similar situation prevails in US light crude, and while $72 is holding on an hourly chart support areas are still there to be broken. Upside targets lie around $73 and then the 50-H MA at $73.90.