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17 Jun 2013
Commodities Brief – Precious metals gripped in static trading, crude bulls ahead of resistances
FXstreet.com (New York) - Precious metals have been trapped in a tightened consolidation Monday, refusing to move in either direction in the absence of market drivers thus far.
Gold retains mild bearish tendencies
The trading range for gold prices seems to be getting narrower and narrower, as the yellow metal builds momentum for a major breakout. The overall technical picture remains bearish, however prices have seen some stabilization in recent sessions, in addition to the extreme bearish sentiment that warns for a potential bullish rebound. At the time of writing, gold prices has settled at USD $1386.36 per oz. during European trading, operating near its intraday lows.
Silver 22.00 level in focus
Silver spiked above the 22.00/upside barrier on Friday, however retreated to close the trading session below the level, forming a long upper shadow candle and hinting the bearish bias continues to be favored. As such, a bearish view must be reiterated, possibly eying a retest of the critical 20.00 supportive region. At the current levels, the price of silver has now moved to USD $21.91 per oz. Monday, seemingly trapped in a static consolidation.
WTI what resistance?
WTI crude is breaking higher as the commodity has already ruptured the main descending resistance. However, increasing prices face a composite of horizontal resistance levels starting from 98.15 the 98.65. In these moments, WTI crude oil is negotiating a price of USD $98.59/bbl Monday, already testing key upside targets.
Gold retains mild bearish tendencies
The trading range for gold prices seems to be getting narrower and narrower, as the yellow metal builds momentum for a major breakout. The overall technical picture remains bearish, however prices have seen some stabilization in recent sessions, in addition to the extreme bearish sentiment that warns for a potential bullish rebound. At the time of writing, gold prices has settled at USD $1386.36 per oz. during European trading, operating near its intraday lows.
Silver 22.00 level in focus
Silver spiked above the 22.00/upside barrier on Friday, however retreated to close the trading session below the level, forming a long upper shadow candle and hinting the bearish bias continues to be favored. As such, a bearish view must be reiterated, possibly eying a retest of the critical 20.00 supportive region. At the current levels, the price of silver has now moved to USD $21.91 per oz. Monday, seemingly trapped in a static consolidation.
WTI what resistance?
WTI crude is breaking higher as the commodity has already ruptured the main descending resistance. However, increasing prices face a composite of horizontal resistance levels starting from 98.15 the 98.65. In these moments, WTI crude oil is negotiating a price of USD $98.59/bbl Monday, already testing key upside targets.