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$1280 region still supporting Gold
Once again a spike in gold has been stymied by the $1307 level, although the close above the 20-day moving average does perhaps signal an end to the downtrend from the July highs.
The metal needs to see a break through the $1310 level to be on a real upward move, which would lead us toward the $1322 level.
On the hourly chart, yesterday’s break above the 200-hour moving average has been followed by the 50-hour MA, a bullish signal that has not taken place since 10 July.
As has been the case all week, $1280-$1284 remains a major support zone for gold, with a break through here signaling an attempt to reach $1260.
Silver price still below 200-DMA
Silver’s bounce yesterday has not been sustained today, and the price remains below the 200-DMA, leaving the downtrend from $21.50 still intact.
Only a close above the 200-DMA would signal a turnaround in sentiment, with the most positive sign at present being that the metal has moved back above $20, an area which constituted significant resistance earlier in the year.
For now the hourly chart shows support around $1980, but the steady downtrend is still in place. Moves above the 50-hour MA have been short-lived in recent weeks, and this one may not last long either, even with the intraday relative strength index moving above 50.
Brent's downward trend still present
The $104 level is holding for now, but the declining daily RSI does suggest that more downside is likely here. If $104 is lost then $102.90-$103 is the next region of support to look for, the lows from November 2013.
Any break to the upside will need to clear the $105.50-$105.70 area, which has acted as resistance through this week.
Hourly charts still show a downward trend – with Brent unable to hold on to any move above the 50-hour MA – even if the intraday RSI has begun to rise.
WTI close to six-month lows
This commodity is now trading close to six-month lows, with $96 being potential support if it falls further. The daily RSI shows no sign of rising at present, and has dipped back into oversold territory.
A move higher would need to retake the $98 level, the highs from yesterday, and then $98.50, to be in with a chance of avoiding the fate of previous bounces this week.