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Gold continues to improve
This now moves the downside risk range to $1,204, which if held could bring $1,208.2-$1,209.2 into play. However, should a close below $1,204 be seen it is likely a retest of the $1,200 level.
A slow day for in terms of economic data releases, so gold markets are likely to trade in a rather lethargic fashion.
Has silver found a bottom?
Silver has found short-term downside support at $16.38, and if maintained should result in a retest of Monday’s high of $16.46. However, silver will need to post a close above $16.45 in order to sustain a bullish pattern which, if achieved, would signal a move higher to $16.52.
Short-term rally offers downside opportunity
Without any marked turnaround in the fundamentals, it is a question of where the bottom is in Brent as it continues to push lower. The downside risk range on Monday of $67.11 was taken out, touching a daily low of $65.30. The lower risk range has now shifted to $65.56 with an upside target of $67.16. However, the wider bear trend remains intact and should downside targets be broken it is likely to lead to the next area of resistance at $63.53.
WTI rallies into resistance
A similar story in WTI prices, which saw a short-term rally this morning of +0.17% off Monday’s multi-year low of $62.27. Upside resistance is likely to be seen at $63.56 which, if maintained, would signal a turnaround and retest the lows with targets at $61.94.