24 Jun 2013
Commodities Brief – Precious metals grind lower, crude targets 200-day SMA
FXstreet.com (New York) - Commodity prices could not get anything going Monday, as subdued trading has given way to outright bearishness and losses across the board.
Gold extends bearishness
Gold prices resumed a bearish bias with the start of the week after completing a correctional bounce on Friday. Moreover, the 127.1 Fibonacci extension level managed to halt the recent bearish wave/1275.00 level as the key support for today – prolonged stability below 1275.00 may signal the resumption of the bearish wave this week, targeting 1250.00 as the next downside target. At the time of writing, gold prices has settled at USD $1281.30 per oz. Monday.
Silver targets previous lows
Silver prices started the week lower, making a fresh attempt towards the recent low at 19.38, where the overall bias remains bearish. Holding below 20.13 (previous broken low and key resistance) keeps the bearish outlook intact. Only a push back above the aforementioned level suggests a deeper upside rebound – the next downside targets are at 19.00 and 18.55. At the current levels, the price of silver has now moved to USD $19.64 per oz. during US trading.
WTI crude approaches 200-day SMA
WTI Crude Oil turned sharply lower, extending last week’s staunch losses, and breaking the short term ascending trend line, approaching the 200-day SMA and the key major support area among 92.00-91.00. Overall, the bearish bias remains strong and will probably continue through the week. In these moments, WTI crude oil is negotiating a price of USD $93.48/bbl Monday.
Gold extends bearishness
Gold prices resumed a bearish bias with the start of the week after completing a correctional bounce on Friday. Moreover, the 127.1 Fibonacci extension level managed to halt the recent bearish wave/1275.00 level as the key support for today – prolonged stability below 1275.00 may signal the resumption of the bearish wave this week, targeting 1250.00 as the next downside target. At the time of writing, gold prices has settled at USD $1281.30 per oz. Monday.
Silver targets previous lows
Silver prices started the week lower, making a fresh attempt towards the recent low at 19.38, where the overall bias remains bearish. Holding below 20.13 (previous broken low and key resistance) keeps the bearish outlook intact. Only a push back above the aforementioned level suggests a deeper upside rebound – the next downside targets are at 19.00 and 18.55. At the current levels, the price of silver has now moved to USD $19.64 per oz. during US trading.
WTI crude approaches 200-day SMA
WTI Crude Oil turned sharply lower, extending last week’s staunch losses, and breaking the short term ascending trend line, approaching the 200-day SMA and the key major support area among 92.00-91.00. Overall, the bearish bias remains strong and will probably continue through the week. In these moments, WTI crude oil is negotiating a price of USD $93.48/bbl Monday.