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Commodities Brief: Precious metals edge out small gains

FXstreet.com (Barcelona) - The precious metals were able to edge out small gains today, with gold closing up 0.72% at 1382 and silver edging up 0.50% at 21.68.

Precious metals outperform equities

In what was primarily a risk off-day across most asset classes, precious metals were able to outperform equity markets which caught the attention of some market participants. The S&P 500 closed down 1.04% at 1629, while European equities also suffered steep declines. This will be a development to pay attention to the rest of the week, as equity markets are sharply lower during the current Asia session (Nikkei -6% at one point) while precious metals are again edging higher.

Technical set up for gold improving

The technical set up on the precious metals daily charts, particularly gold is attempting to improve. Gold is now trading above both the 9 and 20dma’s, with both short term moving averages starting to turn higher. This is a positive development and could help take prices up towards key resistance near the 1420 level. Silver is still below both short term moving averages, and is currently trying to build value back above the key pivot of 21.90 (this was important support on initial break last week). Although the metals are attempting to edge higher off important support levels, the bulls still have a lot of work to do in order to change the underlying trend back to bullish.

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