6 Jun 2013
Commodities Brief – Gold holds above 1400, silver gathers steam for breakout
FXstreet.com (Barcelona) - Commodity levels climbed slightly higher during European trading, ahead of looming decisions out of the ECB and the BoE, coupled with the mired future of QE in the US.
Gold bullish ascent threatened
Gold touched the 1410.00 at the top of the minor triangle pattern, but retreated again. The near-term bias continues to be sideways, with a slight bullish bias though. However, the yellow metal has broken the ascending support for the latest bullish correctional wave that started from 1340.00. At the time of writing, gold has settled at USD $1401.03 per oz. Thursday.
Silver consolidation holds for now
The trading range is getting narrower, the price traded within a 40 cents-range yesterday. This extreme low volatility indicates a potential price explosion soon. These conditions ultimately will cause some investors to await a breakout impetus, which could occur with any news surrounding the Fed stimulus. At the current levels, the price of silver has now moved to USD $22.49 per oz. during European trading.
WTI touches initial resistance
WTI crude oil is operating above its 50-day SMA, after touching the first target at 94.40-94.50 resistance level. A continuation and break above 94.50 shall confirm further upside targeting 95.15 and 96.00 levels. Overall, the bullish structure continues to be intact after holding above the neckline of the inverted head and shoulders pattern. Presently, WTI crude oil is negotiating a price of USD $94.19/bbl.
Gold bullish ascent threatened
Gold touched the 1410.00 at the top of the minor triangle pattern, but retreated again. The near-term bias continues to be sideways, with a slight bullish bias though. However, the yellow metal has broken the ascending support for the latest bullish correctional wave that started from 1340.00. At the time of writing, gold has settled at USD $1401.03 per oz. Thursday.
Silver consolidation holds for now
The trading range is getting narrower, the price traded within a 40 cents-range yesterday. This extreme low volatility indicates a potential price explosion soon. These conditions ultimately will cause some investors to await a breakout impetus, which could occur with any news surrounding the Fed stimulus. At the current levels, the price of silver has now moved to USD $22.49 per oz. during European trading.
WTI touches initial resistance
WTI crude oil is operating above its 50-day SMA, after touching the first target at 94.40-94.50 resistance level. A continuation and break above 94.50 shall confirm further upside targeting 95.15 and 96.00 levels. Overall, the bullish structure continues to be intact after holding above the neckline of the inverted head and shoulders pattern. Presently, WTI crude oil is negotiating a price of USD $94.19/bbl.