Forex Trading Library

Intraday Analysis – Metals Looking for Direction

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USOIL remains undecided


WTI crude continues its choppy consolidation as a symmetrical triangle engulfs prices. The price hit resistance at last month’s double top at 76, suggesting that pessimism still prevails. A combination of profit-taking and renewed selling has driven the commodity below 73.00. The psychological level of 70.00 is the last level to evaluate buying interest. 72.40 is the first hurdle; only a bounce above 74 could shore up confidence.

XAUUSD continues bearish run


Gold stays subdued amid the greenback’s aggression across the board. The precious metal has found itself in another bearish channel on the chart as the $2k level is on the horizon. A bullish breakout would lay the foundation for an extension to the support-turned-resistance of 2050. Price action could see a swing after the breach and potentially test the recent high at 2080.

XAGUSD still seeking valid support


Silver’s struggles seem to be ongoing as the metal looks to break free from the $23 support zone. A push towards last month’s high of $26 first needs a 24.50 break past the previous swing high. On the downside, a break of 22.60 would signal weakness, opening the door to a bearish drift and another move back down to $20.

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