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2 May 2013
Commodities Brief – Silver tests 24.00, crude faces bearish outlook
FXstreet.com (Barcelona) - The yellow metal has pared its losses from the overnight and European session to move higher Thursday. Topping out at 1472 in recent minutes, gold prices have eased slightly to settle at USD $1468.55 per oz. during US trading. With fresh speculation surrounding the US stimulus program and the recent release of jobs data in the US, gold prices certainly will look to push the 1475 resistance, which if breached will signal a path higher to 1490.
Silver tests 24.00
Silver has followed in the footsteps of its golden counterpart, rising to test the 24.00 level Thursday after relinquishing the barrier yesterday. Indeed, the weekly performance of the white metal has certainly shifted following a lackluster early week setback. Technically speaking, a hold above the 23.70 resistance is viewed as a positive, a lack of which may signal a tumble lower towards below 23.00.
Crude bearish trend looms
WTI crude oil rebounded earlier today, touching the 92.50 resistance level, which is situated at the 200-day SMA. The current move can be viewed as a correctional bounce that could extend to retest the broken support level around 92.00, however the bearish bias is expected to resume after completing this correction. In these moments, the price of crude has settled at USD $91.36/bbl.
Silver tests 24.00
Silver has followed in the footsteps of its golden counterpart, rising to test the 24.00 level Thursday after relinquishing the barrier yesterday. Indeed, the weekly performance of the white metal has certainly shifted following a lackluster early week setback. Technically speaking, a hold above the 23.70 resistance is viewed as a positive, a lack of which may signal a tumble lower towards below 23.00.
Crude bearish trend looms
WTI crude oil rebounded earlier today, touching the 92.50 resistance level, which is situated at the 200-day SMA. The current move can be viewed as a correctional bounce that could extend to retest the broken support level around 92.00, however the bearish bias is expected to resume after completing this correction. In these moments, the price of crude has settled at USD $91.36/bbl.