Gold trading rangebound
Gold prices have returned to a longstanding range of consolidation between $1,200 and a lower band of $1,192 after spiking to a short-term high of $1,213 in overnight markets. The aforementioned ranges will now represent today’s intermediate risk ranges, which if a close is seen to the topside could see a retest of $1,204-$1,208. However, a break below the lower band of support could see a return to Wednesday’s level of $1,186.
Silver fails at key level
Silver failed to post a close above Thursday’s intermediate topside target of $16.15. This will more than likely continue to act as an area of support for the continuing long-term downtrend, which could see a retest of $15.71.
Brent trapped in consolidation
Brent prices resumed the bearish trend after failing to break above an intermediate topside support range of $63.53, despite two attempts. However, the long-term bearish trend does appear to be running out of steam with a series of three shallow lower highs, possibly signaling a period of short-term consolidation.
Friday’s intermediate risk ranges remain unchanged, with a topside level of $63.53 and a downside level of $57.67.
WTI price action muted
WTI prices posted a higher low of $54.28 on Thursday, which is an area that is likely to give support for a move higher, and if sustained could see a retest of $59.89. However, WTI appears to be trading in a lethargic trend, indicative of a period of consolidation. Should downside pressure resume the next clear area of possible consolidation presents itself at $44.35.