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12 Jun 2013
Commodities Brief – Precious metals held in narrow consolidation, crude bearishness prevails
FXstreet.com (New York) - Precious metals have rallied somewhat, managing to hold onto their present levels despite volatile trading that has gripped commodities since the beginning of the week.
Gold poised to retest 1366 support
The yellow metal has showed some manner of fluctuation within a very tight range, following the re-test of the pivotal support at 1366.00. This level looks to be touched again on the horizon, given the four-hour interval started to show signs of weakness. Ultimately, breaching through 1366.00 will trigger panic sell-off actions over intraday basis. At the time of writing, gold prices has settled at USD $1377.22 per oz. Wednesday.
Silver in quicksand-like consolidation
Despite being trapped within a tight range since the beginning of the trading week, it seems that silver prices continue to lose any upside momentum with correctional attempts as seen on the secondary four-hour chart. Alligator lines are currently covering the price as well and that could be a sign the bears may haul silver once again downwards. Finally, breaching 21.25 will confirm and accelerate the move. At the current levels, the price of silver has now moved to USD $21.82 per oz. during European trading.
WTI crude bearishness prevalent below 95.70
Crude oil has attempted to breach the initial support of 94.30 yesterday, which intersects with the value of its 20-day SMA. In the interim, RSI 14 continues to show bearish tendencies, although it didn’t breach the value of 50.00. The bearish momentum seen since the beginning of the week argues us to suggest potential downside move today as far as 95.65-95.70 holds. In these moments, WTI crude oil is negotiating a price of USD $95.58/bbl.
Gold poised to retest 1366 support
The yellow metal has showed some manner of fluctuation within a very tight range, following the re-test of the pivotal support at 1366.00. This level looks to be touched again on the horizon, given the four-hour interval started to show signs of weakness. Ultimately, breaching through 1366.00 will trigger panic sell-off actions over intraday basis. At the time of writing, gold prices has settled at USD $1377.22 per oz. Wednesday.
Silver in quicksand-like consolidation
Despite being trapped within a tight range since the beginning of the trading week, it seems that silver prices continue to lose any upside momentum with correctional attempts as seen on the secondary four-hour chart. Alligator lines are currently covering the price as well and that could be a sign the bears may haul silver once again downwards. Finally, breaching 21.25 will confirm and accelerate the move. At the current levels, the price of silver has now moved to USD $21.82 per oz. during European trading.
WTI crude bearishness prevalent below 95.70
Crude oil has attempted to breach the initial support of 94.30 yesterday, which intersects with the value of its 20-day SMA. In the interim, RSI 14 continues to show bearish tendencies, although it didn’t breach the value of 50.00. The bearish momentum seen since the beginning of the week argues us to suggest potential downside move today as far as 95.65-95.70 holds. In these moments, WTI crude oil is negotiating a price of USD $95.58/bbl.