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12 Jul 2013
Commodities Brief – Precious metals holding in rangebound consolidation
FXstreet.com (New York) - Commodities managed to avert any large-scale breakouts Friday, instead operating in a rangebound consolidation.
Gold bullishness reiterated
Gold extended the bullish bias after retesting 1269.00 horizontal support, alongside the ascending support for the latest rally. Accordingly, a previous bullish scenario was activated and remains valid so long as 1260.00 is holding. At the time of writing, gold prices are trading at USD $1278.53 per oz. Friday.
Silver 19.50 level provides support
Silver spot prices broke below the neckline for the minor double top pattern, hinting that a further intraday bearish bias is probable, albeit with the 19.50 level providing a form of good support. At the current levels, the price of silver has now moved to USD $19.81 per oz. during US trading.
WTI crude correcting?
WTI crude oil started a downside correction, extending towards the 104.00 support area, holding above this area is necessary for not extending the losses. Ultimately however, an intraday bullish rebound is expected so long as 103.90 area is holding. In these moments, WTI crude oil is negotiating a price of USD $105.35/bbl Friday.
Gold bullishness reiterated
Gold extended the bullish bias after retesting 1269.00 horizontal support, alongside the ascending support for the latest rally. Accordingly, a previous bullish scenario was activated and remains valid so long as 1260.00 is holding. At the time of writing, gold prices are trading at USD $1278.53 per oz. Friday.
Silver 19.50 level provides support
Silver spot prices broke below the neckline for the minor double top pattern, hinting that a further intraday bearish bias is probable, albeit with the 19.50 level providing a form of good support. At the current levels, the price of silver has now moved to USD $19.81 per oz. during US trading.
WTI crude correcting?
WTI crude oil started a downside correction, extending towards the 104.00 support area, holding above this area is necessary for not extending the losses. Ultimately however, an intraday bullish rebound is expected so long as 103.90 area is holding. In these moments, WTI crude oil is negotiating a price of USD $105.35/bbl Friday.