Gold eyes $1230
The metal finds itself at the 200-day simple moving average once again ($1215), with a failure to break through this indicator confirming that fresh downside is on its way. This would suggest a move back in the direction of $1180. On the four-hour chart the price has held above the 50-period EMA ($1205), so if buyers do step back in then the first target will be $1230, the high from the beginning of this week.
Silver finds support at 200-day SMA
Silver however has enjoyed a good week since its sharp reversal from above $17.50. Now the 200-day SMA at $17 provides support, while on the four-hour chart buyers have stepped in just above here, taking advantage of the oversold stochastic reading earlier in the week. A move higher now targets $17.80.
Brent targets $69
Brent crude looks close to rolling over and testing the lows of the week at $64. A break through here would head towards $61.60, close to the 50-day SMA at $61.48. The recent highs above $69 remain the upside target should a bounce materialise.
WTI could test $65.62
It remains to be seen whether US light crude can finally breach the $62 mark, but with the four-hourly stochastics and RSI in retreat today may not be the day. However on the daily chart stochastics are poised for a bullish crossover, so a higher close today would clear the way for a test of the 200-day SMA at $65.62.