Commodities Brief – Gold declines off highs, bullish jump in the cards for crude?

FXstreet.com (Barcelona) - The yellow metal rally was capped at the 1438 region (intraday high), before experiencing a staunch paring of gains on the day, which dragged prices back to the 1438 level – indeed in these moments the price of gold has now settled at USD $1438.24 per oz. during European trading. This move comes in conjunction with yesterday’s pullback, in which gold had ended the trading session lower yesterday below 1440.00 support level. Holding below 1440.00 suggests further downside pressure within the upcoming session, for a possible retest of the recently recorded lows. Overall, holding with daily closings below 1478.00 keeps the bearish resumption scenario valid.

Silver falls off highs
The price of silver is presently consolidating within a tight sideways range, and as such the bias-less stance is clear on RSI momentum. The low volatility suggests a breakout soon, and until then a negative bias exists. Tuesday has thus far proven to be an uneven day for the white metal, which prices falling off the 23.76 handle back to USD $23.68 per oz. at the time of writing.

WTI rally on the horizon?
WTI crude oil is fluctuating above the 94.50 support level after dipping briefly below the level two days ago, as the price was rejected sharply from areas around the main ascending trend line. Likely a rebound and settle back above 94.50 is in the cards, triggering a bullish move today. In these moments, crude has maintained a price of USD $95.12/bbl.