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25 Jun 2013
Commodities Brief – Precious metals fortified by supports, crude makes recovery past 95.00
FXstreet.com (New York) - Commodity prices have been clinging to narrow consolidations respectively, bolstered by supports – crude continues to be the lone exception as prices rebounded sharply.
Gold could breakout higher
Gold continues to build up for a correctional bounce, which may extend and ultimately augment prices. A break above 1290.00 could be the catalyst for an upside move to 1308.00 resistance level. As such, until the price behaves in a manner that is likely to indicate a potential direction, neutrality reigns, looking for re-entry signals over the lower time frames. At the time of writing, gold prices has settled negatively at USD $1274.52 per oz. Tuesday.
Silver trading above support
Silver prices were confined within a tight range, trading above the 19.50 support level and below 20.15 broken support, which turns into resistance now. Overall, the bearish scenario continues to be valid, as only a sustained break above 20.15 may signal further upside. At the current levels, the price of silver has now moved to USD $19.61 per oz. during US trading.
WTI approaches resistance
WTI crude oil extended the upside rebound and recovery Tuesday, currently hesitating around 95.80-95.75 resistance level. The intraday bias remains to the upside, and thus the intraday bullish expectation remains intact. In these moments, WTI crude oil is negotiating a price of USD $95.32/bbl Tuesday.
Gold could breakout higher
Gold continues to build up for a correctional bounce, which may extend and ultimately augment prices. A break above 1290.00 could be the catalyst for an upside move to 1308.00 resistance level. As such, until the price behaves in a manner that is likely to indicate a potential direction, neutrality reigns, looking for re-entry signals over the lower time frames. At the time of writing, gold prices has settled negatively at USD $1274.52 per oz. Tuesday.
Silver trading above support
Silver prices were confined within a tight range, trading above the 19.50 support level and below 20.15 broken support, which turns into resistance now. Overall, the bearish scenario continues to be valid, as only a sustained break above 20.15 may signal further upside. At the current levels, the price of silver has now moved to USD $19.61 per oz. during US trading.
WTI approaches resistance
WTI crude oil extended the upside rebound and recovery Tuesday, currently hesitating around 95.80-95.75 resistance level. The intraday bias remains to the upside, and thus the intraday bullish expectation remains intact. In these moments, WTI crude oil is negotiating a price of USD $95.32/bbl Tuesday.