On the daily chart, spot gold has formed a consolidation pattern from the previous uptrend channel. The bullish momentum has been receding. It is trading above where the two significant support lines converge, the level at 1310, and the uptrend line support. If it is confirmed broken, then it will target the major support level at 1300. If 1300 is broken, then the trend will turn bearish. The daily Stochastic Oscillator is around 20, suggesting a rebound. The resistance level is at 1320, followed by 1330 and 1335. The support line is at 1310, followed by 1300 and 1290. Keep an eye on the US CPI and Core CPI figures (YoY and MoM) for August, due to be released at 12:30 GMT, as it may influence the strength of the dollar and gold. Spot silver has retraced since 7th September, as the dollar strengthened. The current trading pattern is in a range between the resistance level at 19.20 and the support line at 18.80, where the uptrend line support converges. The daily Stochastic Oscillator is around 20, suggesting a rebound. The resistance level is at 19.20, followed by 19.50 and 19.70. The support line is at 18.80, followed by 18.55 and 18.40. The US data today may drive silver. WTI crude spot has turned bearish on 14th September, as the consolidation pattern was broken. The upside selling pressure has been increasing. It is currently trading near the support line at 44.00, if it is confirmed broken, the next target support line is at 43.60. The daily Stochastic Oscillator is below 20, suggesting a rebound. The resistance is at 44.50, followed by 45.00, 45.50. The support is at 44.00, followed by 43.60, 43.30, and 43.00. Source: FX Pro Market Snapshot
On the daily chart, spot gold has formed a consolidation pattern from the previous uptrend channel. The bullish momentum has been receding. It is trading above where the two significant support lines converge, the level at 1310, and the uptrend line support. If it is confirmed broken, then it will target the major support level at 1300. If 1300 is broken, then the trend will turn bearish. The daily Stochastic Oscillator is around 20, suggesting a rebound. The resistance level is at 1320, followed by 1330 and 1335. The support line is at 1310, followed by 1300 and 1290. Keep an eye on the US CPI and Core CPI figures (YoY and MoM) for August, due to be released at 12:30 GMT, as it may influence the strength of the dollar and gold. Spot silver has retraced since 7th September, as the dollar strengthened. The current trading pattern is in a range between the resistance level at 19.20 and the support line at 18.80, where the uptrend line support converges. The daily Stochastic Oscillator is around 20, suggesting a rebound. The resistance level is at 19.20, followed by 19.50 and 19.70. The support line is at 18.80, followed by 18.55 and 18.40. The US data today may drive silver. WTI crude spot has turned bearish on 14th September, as the consolidation pattern was broken. The upside selling pressure has been increasing. It is currently trading near the support line at 44.00, if it is confirmed broken, the next target support line is at 43.60. The daily Stochastic Oscillator is below 20, suggesting a rebound. The resistance is at 44.50, followed by 45.00, 45.50. The support is at 44.00, followed by 43.60, 43.30, and 43.00.
Source: FX Pro Market Snapshot
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