May 20, 2013
Commodities Brief – Precious metals fall during consecutive sessions, crude prices steady at 95.50
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.
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