Commodities boosted by short-side profit-taking

On this data-void black Friday North-American session, commodities are trading broadly higher. Both gold and silver are firmer while crude oil is mixed with Brent down and WTI up. Given the lack of US data and mixed macro pointers from Europe, commodities are primarily driven by technical factors rather than fundamentals today. Gold, for example, has rather unsurprisingly found some support off of that $1230 area while WTI has managed to hold its own above the $92 mark. Both of these levels correspond with bullish trend lines that go back several months, or years in the case of gold. Silver has found some support around $19.60/80 area where two Fibonacci levels converge. These include the 78.6% retracement of June-August rally and the 127.2% extension of the corrective rally we saw in October. Brent, already elevated due to on-going supply outages in Libya, is suffering from a bit of profit-taking from the bulls rather than the bears (which is the case with the other commodities). Brent’s rally has stalled ahead of the $111.80/$112.00 resistance area where we also have the 61.8% Fibonacci retracement level of the downswing between August and November. WTI meanwhile is currently testing $93 as resistance which was previously support.