Technical analysis: key levels for gold, silver and crude

Commdoties have been hit by political stability and a strong US dollar.

Gold bars
Source: Bloomberg

Gold regains some losses

Gold has managed to pull back some of the ground it lost during the week. There was a brief moment when the metal rallied over fears that the Russian convoy entering Ukraine could turn violent, but Kiev confirmed the trucks carrying aid were welcome in the country. The outlook for gold does not look good, as an easing of tensions in eastern Europe and a stellar set of economic announcements from the US have triggered tapering fears.

Gold is currently is trading at $1278 and, as Brenda Kelly stated, $1270 is the crux support level. The 200-day moving average of $1295 seems a long way away.

Silver trading sideways

Silver is trading at $19.45. The metal traded as high as $19.58 in today’s session, but failed to break out of the upper band of the downtrending one-hour channel. If the metal can take out $19.33 it could target $19.

Crude continues slide

Crude is still in its downtrend. While there are some signs it is bottoming out, the trend still remains. It is currently trading at $102.43 — a move through $102.63 could put it on course to $103.18.

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