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17 Jul 2013
Commodities Brief – Gold held by 1300, silver breaches 20.00 after Bernanke speech
FXstreet.com (New York) - Commodity prices stuck to their respective consolidations in the aftermath of Fed Chairman Ben Bernanke’s speech, with only silver being able to take advantage of a slight push.
Gold fortified by supports
Gold continued to consolidate within a relatively tight range, though ultimately this is viewed as a normal consolidation ahead of a resuming bullish correctional wave. In particular, holding above the 1269.00 and 1261.00 supports are necessary for the bullish wave to remain intact. At the time of writing, gold prices are trading at USD $1295.70 per oz. Wednesday.
Silver bullish level intact
In light of the earlier jump in silver spot prices, the white metal continues to consolidate, as a rebound and a break above the minor descending resistance (20.20) is needed for the ongoing consolidation that will signal further gains. Overall, the bullish view is still intact and at the current levels, the price of silver has now moved to USD $20.06 per oz. during US trading.
WTI crude now in bearish configuration
WTI crude oil breached the 105.95 resistance level, and suggested pivot for today, where the price is now expected resume the bearish bias from around this area. Accordingly, a bearish scenario now is in effect, warning of a possible pullback off recent highs. In these moments, WTI crude oil is negotiating a price of USD $106.06/bbl Wednesday.
Gold fortified by supports
Gold continued to consolidate within a relatively tight range, though ultimately this is viewed as a normal consolidation ahead of a resuming bullish correctional wave. In particular, holding above the 1269.00 and 1261.00 supports are necessary for the bullish wave to remain intact. At the time of writing, gold prices are trading at USD $1295.70 per oz. Wednesday.
Silver bullish level intact
In light of the earlier jump in silver spot prices, the white metal continues to consolidate, as a rebound and a break above the minor descending resistance (20.20) is needed for the ongoing consolidation that will signal further gains. Overall, the bullish view is still intact and at the current levels, the price of silver has now moved to USD $20.06 per oz. during US trading.
WTI crude now in bearish configuration
WTI crude oil breached the 105.95 resistance level, and suggested pivot for today, where the price is now expected resume the bearish bias from around this area. Accordingly, a bearish scenario now is in effect, warning of a possible pullback off recent highs. In these moments, WTI crude oil is negotiating a price of USD $106.06/bbl Wednesday.