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4 Jun 2013
Commodities Brief – Gold testing 1398/1400 support, silver breaks lower to threaten consolidation
FXstreet.com (Barcelona) - Gold prices have been retesting the key 1400.00-1398.00 support level, during US trading Tuesday, thereby activating a bullish scenario that could potentially drive the yellow metal towards an upside target of 1420. Prolonged stability at this key region would portend a bullish continuation and likely uptrend in the near-term. Presently, gold is trading at USD $1397.52 per oz. in these moments, falling off European highs in the region of 1412 earlier.
Silver consolidation threatened
Silver prices have been far less uniform today, given the gradual waning seen across the Asian and European session. With the same consolidation present, i.e. the 22.00 support – 23.00 upside barrier/resitance, silver has maintained a defined range, however during US trading today, the white metal has traded lower. Ultimately, a break below 22.50 could extend towards 22.15 and even the key 22.00 support. At the time of writing, the price of silver is trading at USD $22.45 per oz.
WTI faces crossroads
WTI crude oil is gradually pushing lower after being rejected from the 50-day SMA, approaching 92.40 and the 200-day SMA. So long as crude operates within this trading range between the 50-day and 200-day MA averages, the outlook remains mired. Presently, prices have rallied in these moments, as crude prices are trading at USD $93.18/bbl during US trading.
Silver consolidation threatened
Silver prices have been far less uniform today, given the gradual waning seen across the Asian and European session. With the same consolidation present, i.e. the 22.00 support – 23.00 upside barrier/resitance, silver has maintained a defined range, however during US trading today, the white metal has traded lower. Ultimately, a break below 22.50 could extend towards 22.15 and even the key 22.00 support. At the time of writing, the price of silver is trading at USD $22.45 per oz.
WTI faces crossroads
WTI crude oil is gradually pushing lower after being rejected from the 50-day SMA, approaching 92.40 and the 200-day SMA. So long as crude operates within this trading range between the 50-day and 200-day MA averages, the outlook remains mired. Presently, prices have rallied in these moments, as crude prices are trading at USD $93.18/bbl during US trading.