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Commodities Brief: Oil able to hold previous support as buyers step in near 92.00

FXstreet.com (Barcelona) - The commodities sector experienced a fairly quiet day, with oil overcoming early weakness to finish the session slightly higher and closing up 0.27% at 94.44, while gold traded in a narrow range but was able to tack on small gold closing up 1.53% at 1389

From a technical perspective, the fact oil was able to hold previous support near the 92.00 level and finish the day higher is impressive, but the daily chart still remains extremely range bound with neither camp being able to establish substantial follow through. However, both short term moving averages and the RSI (14) remain in neutral set up on the daily chart which could continue to limit sharp moves in either direction. First resistance sits at 95.17, while first support sits at 93.87 (the 9dma on 1 hour chart).

The technical set up on the gold daily remains slightly bearish, with both short term moving averages and the RSI (14) continuing to say the path of least resistance remains lower. Furthermore, the daily gold chart appears to be forming ‘bear flag’ continuation pattern which could lead to further downside potential if confirmed. A break and close below 1370 would confirm the pattern and have a measured move target of down near 1270.

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