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12 Jun 2013
Commodities Brief – Precious metals notch solid gains during US trading, crude averts bearishness
FXstreet.com (New York) - Precious metals broke higher during US trading Wednesday, with the USD continuing to be in focus for investors.
Gold lacks impetus to overtake 1400 level for now
Gold prices have shot up Wednesday, following what was a sideways consolidation during overnight and European trading. The recent upside was capped at the 1393 level (intraday high), with the 1400 resistance/upside target in focus. Despite this recent uptick however, prices are still nestled below the 20-day SMA, leaving the bearish scenario intact – a break below 1366.00 will accelerate losses should a retracement occur. In these moments, the yellow metal has settled at USD $1389.36 per oz.
Silver capped at 22.00 level
Silver prices have finally showed some type of resiliency, as they moved higher Wednesday despite earlier uneven trading. The white metal was previously moving sideways, whilst the RSI 14 remains stable below 50.00. At the time of writing, the price of silver is trading at USD $21.87 per oz. with the MACD in positive territory – the 22.00 barrier/resistance is proving to be the peak of todays action thus far.
WTI averts bearishness en route to robust gains
WTI crude oil couldn’t breach through the key support 94.30 and thus a bearish scenario was avoided, particularly after achieving movements above the 95.00 region. Presently, prices have shot in these moments, as crude is trading at USD $96.25/bbl during US trading.
Gold lacks impetus to overtake 1400 level for now
Gold prices have shot up Wednesday, following what was a sideways consolidation during overnight and European trading. The recent upside was capped at the 1393 level (intraday high), with the 1400 resistance/upside target in focus. Despite this recent uptick however, prices are still nestled below the 20-day SMA, leaving the bearish scenario intact – a break below 1366.00 will accelerate losses should a retracement occur. In these moments, the yellow metal has settled at USD $1389.36 per oz.
Silver capped at 22.00 level
Silver prices have finally showed some type of resiliency, as they moved higher Wednesday despite earlier uneven trading. The white metal was previously moving sideways, whilst the RSI 14 remains stable below 50.00. At the time of writing, the price of silver is trading at USD $21.87 per oz. with the MACD in positive territory – the 22.00 barrier/resistance is proving to be the peak of todays action thus far.
WTI averts bearishness en route to robust gains
WTI crude oil couldn’t breach through the key support 94.30 and thus a bearish scenario was avoided, particularly after achieving movements above the 95.00 region. Presently, prices have shot in these moments, as crude is trading at USD $96.25/bbl during US trading.