18 Jul 2013
Commodities Brief – Gold cannot summit 1300, crude held by resistance
FXstreet.com (New York) - Commodity prices have been consolidating recently, specifically after silver spot prices took a notable tumble yesterday.
Gold bullish correction intact
Despite the sharp drop yesterday, gold hasn’t damaged the short-term bullish correctional configuration, as 1260.00-support remains intact, and thus we may see another attempt towards 1300.00. However, it is preferred to wait for confirmation and remain on the sidelines. At the time of writing, gold prices are trading at USD $1286.42 per oz. Thursday.
Silver downside favored
Silver spot prices bounced Thursday after the broken support among 19.50-19.60 area – ultimately a resumption of the downside bias and decisive break of the ascending support is needed for a correction to confirm further downside. The price of silver has now moved to USD $19.46 per oz. during US trading.
WTI crude favors bearishness
WTI crude oil is holding below the 106.70 resistance, and the broken trend line – as such, the previous bearish scenario continues to be valid. In these moments, WTI crude oil is negotiating a price of USD $106.16/bbl Thursday.
Gold bullish correction intact
Despite the sharp drop yesterday, gold hasn’t damaged the short-term bullish correctional configuration, as 1260.00-support remains intact, and thus we may see another attempt towards 1300.00. However, it is preferred to wait for confirmation and remain on the sidelines. At the time of writing, gold prices are trading at USD $1286.42 per oz. Thursday.
Silver downside favored
Silver spot prices bounced Thursday after the broken support among 19.50-19.60 area – ultimately a resumption of the downside bias and decisive break of the ascending support is needed for a correction to confirm further downside. The price of silver has now moved to USD $19.46 per oz. during US trading.
WTI crude favors bearishness
WTI crude oil is holding below the 106.70 resistance, and the broken trend line – as such, the previous bearish scenario continues to be valid. In these moments, WTI crude oil is negotiating a price of USD $106.16/bbl Thursday.