Levels to watch: gold, silver and crude

Commodities are little changed before the European Central Bank meeting, with the prospect of non-farms tomorrow further adding to the caution.

Silver bullion
Source: Bloomberg

Gold to test week lows

Gold's attempt to break $1210 yesterday was defeated, and now a steady move lower seems to suggest that we will see a test of the lows of the week around $1195.

A close back below $1195 means that the price is on course to test $1180 once again, with a rebound from current levels targeting the Monday peak at $1220.

Silver in 24 hour trading range

If gold has been quiet this morning then silver has been completely somnolent. A 40 cent trading range has prevailed for the past 24 hours, bounded by $16.40 on the bottom and $16.60 on the top. A break through the top-end targets the Monday peak at $16.80, while further declines lead us in the direction of $16.10.

Brent probes yesterday’s lows

A steady move lower in oil sees it probing the lows of yesterday, around $69.50. A first target on the downside is the Monday low, sub-$68, while a move higher needs to clear the 50-hour MA and then challenge the $73 high from Monday and Tuesday.

WTI between $67 and $68

US light has been stuck in a dollar-range between $67 and $68, giving traders some obvious levels for the time being. A breakout to the upside targets $69.40, while bears would like to see a clear dive back toward the Monday lows at $64.

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