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13 Jun 2013
Commodities Brief – Precious metals and crude remain locked in consolidation
FXstreet.com (New York) - Precious metals and commodities edged lower throughout the US session, refusing to cling onto narrow European losses, whilst maintaining a narrow consolidation.
Gold looks to avoid key 1366 downside
Indeed, scarcely a margin of about seven dollars separated between the recorded high and the recorded low for most of the day, reflecting the tightness of trading range. Consequently, the bearish scenario still remains intact, taking heed of the critical 1366.00 downside level, which will bring sellers to the market. In these moments, the yellow metal has settled at USD $1378.68 per oz.
Silver retains bearish bias
Silver prices have yet to orchestrate any large-scale moves throughout earlier sessions, and thus the bearish prevalence still remains valid for the white metal. Ultimately, a breach of the 21.30-21.25 zone will be a good indication for bears, creating a selloff that will drive the prices lower. At the time of writing, the price of silver is trading at USD $21.60 per oz. Thursday.
WTI breakout out of narrow range needed to assert direction
The narrow trading has not simply been relegated to precious metals, as WTI crude prices have also been faced with muted movements. That being said, a possible breakout above 97.00 or below 94.30 will be needed affirm the direction in the near-term. Presently, crude prices have settled in the region of USD $96.03/bbl during US trading.
Gold looks to avoid key 1366 downside
Indeed, scarcely a margin of about seven dollars separated between the recorded high and the recorded low for most of the day, reflecting the tightness of trading range. Consequently, the bearish scenario still remains intact, taking heed of the critical 1366.00 downside level, which will bring sellers to the market. In these moments, the yellow metal has settled at USD $1378.68 per oz.
Silver retains bearish bias
Silver prices have yet to orchestrate any large-scale moves throughout earlier sessions, and thus the bearish prevalence still remains valid for the white metal. Ultimately, a breach of the 21.30-21.25 zone will be a good indication for bears, creating a selloff that will drive the prices lower. At the time of writing, the price of silver is trading at USD $21.60 per oz. Thursday.
WTI breakout out of narrow range needed to assert direction
The narrow trading has not simply been relegated to precious metals, as WTI crude prices have also been faced with muted movements. That being said, a possible breakout above 97.00 or below 94.30 will be needed affirm the direction in the near-term. Presently, crude prices have settled in the region of USD $96.03/bbl during US trading.