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17 Jun 2013
Commodities Brief – Precious metals retreat lower, crude rise halted
FXstreet.com (New York) - Commodities and in particular precious metals have been more jolted this week, given the upcoming cues revealed in earnest from the FOMC this week.
Gold bullish rebound could follow any dips
The overall technical picture for the yellow metal remains bearish, despite the rather tight consolidation that the precious metal currently trades in. Although the market has recently seen some stabilization, an extreme bearish sentiment could ultimately portend the occurrence of a potential bullish rebound. In these moments, gold has settled at USD $1382.81 per oz. Monday.
Silver lacks momentum for retest of 22.00
The price of silver has been unevenly trading during US trading ahead of the key FOMC meeting this week, and will likely continue to do so. Following a spike above the 22.00 resistance last week, silver has yet to garner any prolonged momentum for another push to summit this region. At the current levels, the price of silver has now moved to USD $21.81 per oz. during US trading.
WTI faces path to 100.00?
The price of WTI crude is sporadic to say the least, offering a risk-reward trade that will likely leave many investors on the sidelines awaiting a more stable lateral outlook. Given the recent ascension of prices, the next major upside resistance lies at the 100.00 psychological barrier. At the time of writing, WTI crude prices have settled in the region of USD $98.15/bbl during US trading.
Gold bullish rebound could follow any dips
The overall technical picture for the yellow metal remains bearish, despite the rather tight consolidation that the precious metal currently trades in. Although the market has recently seen some stabilization, an extreme bearish sentiment could ultimately portend the occurrence of a potential bullish rebound. In these moments, gold has settled at USD $1382.81 per oz. Monday.
Silver lacks momentum for retest of 22.00
The price of silver has been unevenly trading during US trading ahead of the key FOMC meeting this week, and will likely continue to do so. Following a spike above the 22.00 resistance last week, silver has yet to garner any prolonged momentum for another push to summit this region. At the current levels, the price of silver has now moved to USD $21.81 per oz. during US trading.
WTI faces path to 100.00?
The price of WTI crude is sporadic to say the least, offering a risk-reward trade that will likely leave many investors on the sidelines awaiting a more stable lateral outlook. Given the recent ascension of prices, the next major upside resistance lies at the 100.00 psychological barrier. At the time of writing, WTI crude prices have settled in the region of USD $98.15/bbl during US trading.