Gold, WTI and silver prices calm after recent losses
After the steep losses of the past two weeks, commodity prices have steadied, ahead of the US payrolls report this afternoon.
Gold’s decline stops for the moment
The decline has paused for now, but the price has yet to suggest that it is minded to move higher. A possible bounce might target the $1885 level from below, with previous support acting as resistance. Any lower high sub-$1920 would likely continue to mark a selling opportunity. Sellers have been unable to drive the price lower over the middle of this week, but a close below $1806 would mark a fresh bearish development, taking the price below the February low.
WTI steady after steep losses
Oil prices continued their precipitate decline, dropping to their lowest level since late August and wiping out all the gains made over the past month and more. The price has broken below trendline support and then below the 50-day SMA, and now targets the mid-August lows around $77.80. Buyers will need a close above $85 to suggest that a low may have been formed and that a new leg higher is underway.
Silver sits at seven-month low
After their steep losses of the past month, the price has managed to find a floor for now. Further declines however bring the early March lows around $19.91 into view. Having created a lower low, a rebound towards $23.50 would still risk a lower high, leaving the bearish view broadly intact.
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