Silver Tests Resistance At $21.60

Key Insights

• Weaker dollar provided some support to precious metals in today’s trading session. 
• WTI oil continued to trade near the $77.50 level as traders waited for the news on the Russian oil price cap. 
• Natural gas made an attempt to settle below the support at $7.20.

Silver Tries To Continue Its Rebound

Silver  has recently made an attempt to settle above $21.60 but lost momentum and pulled back towards the $21.50 level. Weaker dollar provided support to silver in today’s trading session, but it looks that some traders decided to take profits off the table after the recent rebound.

The nearest resistance level for silver is located at $21.60. In case silver settles above this level, it will move towards the next resistance level at $21.80. A successful test of the resistance at $21.80 will open the way to the test of the resistance at $22.00.

On the support side, the nearest support for silver is located at $21.25. In case silver declines below this level, it will head towards the next support at $21.00. A move below the support at $21.00 will push silver towards the support level near the 20 EMA at $20.80.

Meanwhile, gold managed to gain some upside momentum and moved closer to the $1760 level. Platinum pulled back towards $1000, while palladium made an attempt to settle above $1900.

WTI Oil Is Mostly Flat As Traders Wait For News

WTI oil remains stuck near the $77.50 level as traders are waiting for the news about the Russian oil price cap.

Interestingly, rising coronavirus cases in China did not put additional pressure on the oil markets. In the near term, the Russian oil price cap story will remain the key driver for oil prices.

Natural Gas Tested Support At $7.20

Natural gas has recently made an attempt to settle below the support at $7.20 as traders took profits after the recent rally.

However, natural gas markets failed to develop additional downside momentum as rail strike fears provided some support to natural gas prices.

Most likely, natural gas markets will remain volatile in the upcoming trading sessions as traders will react to the developments in the rail strike story.

Copper Tried To Settle Above $3.65

Copper made an attempt to settle above the $3.65 level despite worries about the situation with coronavirus in China. Traders should keep in mind that trading volume will be low due to the holiday in the U.S., so it remains to be seen whether copper markets will be able to gain sufficient upside momentum to move above the $3.65 level.

For a look at all of today’s economic events, check out our economic calendar.