Gold could find support at $1105
The $1140 level is holding up well as support for gold, as the metal works off its oversold condition on the hourly chart. For the time being the upside target is $1153, the 50-hour moving average, and then on to Tuesday’s high around $1170. Should $1140 be broken then the next downside support is likely to be found around $1130, and then $1105.
Silver has found some support around $15.20, while upside targets would be around $15.40, $15.60 and then $16 itself. It hardly bears repeating but, a rally any higher than $16 will run into the July downtrend at around $16.50. The metal is still oversold so a bounce is entirely logical, before beginning the next move lower.
Brent could test $85.10
Brent crude is struggling to break through the 50-hour MA so far today, with a move higher signaling a test of the 100-hour MA at $84.10. Meanwhile, a failure to hold the $83 area will signal that the week’s lows around $82 are back in play once again. Only a close through the 200-hour MA at $85.10 would signal that there is a change in sentiment underway.
WTI held at 100-H MA
Oil - US Crude has done better in rallying, thanks to the EIA data yesterday. However, its bounce from $76.50 has taken it back to the 100-hour MA, and for the time being it is unable to move through this indicator. The intraday relative strength index is also in retreat, which lends support to the idea that we will see the lows of the week tested once again, around $76.