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11 Jun 2013
Commodities Brief – Precious metals inch off lows, crude faces key pivot
FXstreet.com (New York) - Precious metals and commodities have once again experienced a volatile day, having been thrown into a state of flux after earlier BoJ action that has left markets unsettled.
Gold rebounds off lows
Gold prices continued to slip during US trading, re-testing FE 38.2% – a break below this level will bring panic sell-off actions for the rest of the day supported by coverage from its 20 and 50 day MA, thus keeping a bearish scenario intact as far as long as the price holds below 1425.00. On the day, the yellow metal has certainly not been able to garner much strength, having retraced back to USD $1376.99 per oz. in these moments, off of lows at 1368.
Silver could weaken towards 20.25
Silver prices have showed a bearish tendency during the previous session, on the heels of the re-test of the broken support-turned into resistance at the 22.10 level. A further debasement is highly predicted over upcoming sessions that could mainly target the 20.25 region insofar as the 23.30 area holds. At the time of writing, the price of silver is trading at USD $21.66 per oz. with the MACD in negative territory.
WTI faces bearish outlook below 94.30
Despite the bearish tendency appearing on RSI 14, prices remain stable above the 20 and 50-day MA. Price behaviors and signs on trend technical indicators lends a neutral outlook, given the unevenness of the present pricing. However, breaching 94.30 will bring the bearish picture back into focus. Presently, prices have waned in these moments, as crude prices are trading at USD $94.68/bbl during US trading.
Gold rebounds off lows
Gold prices continued to slip during US trading, re-testing FE 38.2% – a break below this level will bring panic sell-off actions for the rest of the day supported by coverage from its 20 and 50 day MA, thus keeping a bearish scenario intact as far as long as the price holds below 1425.00. On the day, the yellow metal has certainly not been able to garner much strength, having retraced back to USD $1376.99 per oz. in these moments, off of lows at 1368.
Silver could weaken towards 20.25
Silver prices have showed a bearish tendency during the previous session, on the heels of the re-test of the broken support-turned into resistance at the 22.10 level. A further debasement is highly predicted over upcoming sessions that could mainly target the 20.25 region insofar as the 23.30 area holds. At the time of writing, the price of silver is trading at USD $21.66 per oz. with the MACD in negative territory.
WTI faces bearish outlook below 94.30
Despite the bearish tendency appearing on RSI 14, prices remain stable above the 20 and 50-day MA. Price behaviors and signs on trend technical indicators lends a neutral outlook, given the unevenness of the present pricing. However, breaching 94.30 will bring the bearish picture back into focus. Presently, prices have waned in these moments, as crude prices are trading at USD $94.68/bbl during US trading.