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20 May 2013
Commodities Brief – Precious metals fall during consecutive sessions, crude prices steady at 95.50
FXstreet.com (Barcelona) - The cost of gold fell off its highs Monday (1355.93) following what has started to be another losing session for commodities and more specifically, precious metals. For over the past seven sessions, gold has moved lower, however has remained fortified above significant support at 1321. The 20 and 50-day SMA continues to cap any potential retracement, leading to a definitive bearish outlook, likely to break lower should any tepid manner of recovery take place. At the time of writing, gold prices are now trading at USD $1354.71 per oz.
Silver weakens off European highs
Silver prices have traded off highs that were achieved earlier in the day (21.85), whilst still becoming entrenched negatively Monday. Indeed, the MACD is holding negatively, providing headwinds for the white metal in the near-term. A hold above the 21.00 level is necessary for any stability to be maintained, lest a drop back to the psychological 20.00 level take place. In these moments, silver is negotiating a spot price of USD $21.64 per oz.
WTI bounces to 200-day SMA
The price of Crude Oil dropped again today, as the stochastic is showing a negative bias and trying to achieve a negative crossover through it. Trading below 95.90 levels keeps negativity intraday available today and for the rest of the week as part of a larger bearish trend. In these moments, crude is negotiating a price of USD $95.50/bbl Monday.
Silver weakens off European highs
Silver prices have traded off highs that were achieved earlier in the day (21.85), whilst still becoming entrenched negatively Monday. Indeed, the MACD is holding negatively, providing headwinds for the white metal in the near-term. A hold above the 21.00 level is necessary for any stability to be maintained, lest a drop back to the psychological 20.00 level take place. In these moments, silver is negotiating a spot price of USD $21.64 per oz.
WTI bounces to 200-day SMA
The price of Crude Oil dropped again today, as the stochastic is showing a negative bias and trying to achieve a negative crossover through it. Trading below 95.90 levels keeps negativity intraday available today and for the rest of the week as part of a larger bearish trend. In these moments, crude is negotiating a price of USD $95.50/bbl Monday.