Technical analysis: key levels for gold, silver & crude

Precious metals remain inconsistent, while oils begin to slip lower.

Oil barrels
Source: Bloomberg

Gold continues to fluctuate
The commodity continues to bounce around in a narrow range, bounded by $1190 on the downside and $1210 on the top. A breakout from here will likely lead to sharply increased volatility, with a downside target of $1180 or a rally towards $1220. Beyond these however the metal may struggle to make progress.

Silver looks to challenge $17
For two days now buyers have stepped in to defend silver at the $16 area, and this remains the case today. A four-hour chart shows a possible bullish crossover in stochastics, with a MACD crossover on the way as well. A first target would be $16.40, the peak from yesterday, with a daily close above here heading towards $17 once more. A failure to hold $16 brings the March lows of $15.50 into play again.

Brent crude begins to slip
The resistance level to break for Brent crude has been firmly established as $65, and four days close to the area has seen the commodity start to move lower. The relative strength index (RSI) and stochastics on the daily chart are now turning lower, and while the $63 zone has brought out buyers since Thursday, a break of this would challenge $62 and then down to $59.

WTI looks lower
A similar message prevails for WTI light too. Buyers took the price to $58 but couldn’t go any further, so now we see whether $57 can hold. This has been key support over the past week, and now nicely coincides with the 20-period EMA on the four-hour chart. A daily close below here targets $55 and then $54.12. Stochastics and RSI on the daily have yet to start rolling over in the same way as they have for Brent crude, but a drift lower today could mark the start of a pullback. 

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