Commodities Brief – Gold cannot summit 1400 level, silver wanes off highs in muted trading

FXstreet.com (Barcelona) - The price of gold has been continuously held in check by the key 1400 upside barrier/resistance, which in essence has capped any such advance to start the week thus far. Indeed, trading seems quite muted today as the United States is observing the Memorial Day holiday, which seems to have stymied commodities from breaking out. In these moments, the price has continued holding near USD $1396.02 per oz.

Silver holding in tight consolidation
The white metal has failed to sustain any manner of uptrend Monday, which is to be expected given the mitigated volumes and movements during US trading. However, an eventual breakout of the 22.00 support and 23.00 upside target/resistance will be necessary to snap the narrow consolidation that has engulfed silver spot prices since the latter stages of the previous week. As such, the market will continue to look for an impetus ahead this week, which seems unlikely today. At the time of writing, silver spot prices are operating at USD $22.68 per oz. during US trading, slightly off earlier highs of 22.76.