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WTI, Brent More Stable, But Silver Recovery Left Wanting

COMMODITIES
  • Oil markets are consolidating early Thursday, with WTI and Brent crude futures in very minor negative territory. The bull trend remains intact for now, with dips considered corrective.
  • Following the sharp drawdown on Wednesday, Silver has similarly stabilised but those looking for a bounce will be left disappointed.
  • Silver broke lower yesterday and cleared former support at $22.039, Sep 20 low. This ends the recent consolidation, confirms a resumption of the broader downtrend and maintains the bearish price sequence of lower lows and lower highs. The move lower paves the way for an extension towards $20.871, a Fibonacci retracement.

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