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29 May 2013
Commodities Brief – Precious metals maintain static levels, silver momentum building?
FXstreet.com (Barcelona) - The yellow pushed slightly higher during the European session, ultimately failing to breach the 1400 resistance despite operating positively. A break above the handle’s resistance around 1400.00 may signal an upside reversal eying 1445.00, however a potential movement below the support at 1378.00 shall signal the continuation of the bearish wave targeting 1320.00 low. At the time of writing, the price of gold has fallen to intraday lows at USD $1385.23 per oz.
Silver soon on the move?
Silver has been faced with the combination of the major bullish hammer that was printed recently and the bullish divergence on RSI in addition to the support from 22.00 key level. There remains a clear likelihood of an upside breakout, as the price has been trading within this narrow range for a while and is poised for a major move. At the time of writing, the white metal is negotiating a spot price of USD $22.31 per oz. during US trading, amidst a tight consolidation lately.
WTI extends downside
WTI crude oil extended the downside move, dipping below the 94.30-94.40 support level and testing the minor ascending support of the latest bullish bounce. Overall, the price is approaching the key technical support area around the 50 and 200-day SMA. In these moments, crude prices are trading at USD $94.83/bbl during US trading.
Silver soon on the move?
Silver has been faced with the combination of the major bullish hammer that was printed recently and the bullish divergence on RSI in addition to the support from 22.00 key level. There remains a clear likelihood of an upside breakout, as the price has been trading within this narrow range for a while and is poised for a major move. At the time of writing, the white metal is negotiating a spot price of USD $22.31 per oz. during US trading, amidst a tight consolidation lately.
WTI extends downside
WTI crude oil extended the downside move, dipping below the 94.30-94.40 support level and testing the minor ascending support of the latest bullish bounce. Overall, the price is approaching the key technical support area around the 50 and 200-day SMA. In these moments, crude prices are trading at USD $94.83/bbl during US trading.