2 Jul 2013
Commodities Brief – Precious metals in decline, crude targets new highs
FXstreet.com (New York) - Precious metal prices were weakened recently, following the rapid resurgence of the USD, which negatively weighed on both gold and silver.
Gold bullish bounce probable
Gold prices have steadied below the 1269.00 (previous key low), trading within a narrow range during the earlier sessions. As such, the bullish scenario unchanged, targeting a bounce the longer the consolidation holds. At the time of writing, gold prices are trading at USD $1249.82 per oz. Tuesday.
Silver sandwiched between same consolidation
Silver continues to consolidate above the 19.35 support level and below the 20.13 key resistance level, trading within a tight range Tuesday. Given this range, bullish expectations are still valid – look to long dips towards the 19.35 level. At the current levels, the price of silver has now moved to USD $19.48 per oz. during US trading.
WTI bullish scenario intact amidst highs
WTI Crude Oil continues to grind higher, breaking to new highs, and thus we continuing with a bullish scenario – the 99.20 area is the next main upside target as long as 97.75 and 97.35 level are intact. In these moments, WTI crude oil is negotiating a price of USD $98.71/bbl Tuesday.
Gold bullish bounce probable
Gold prices have steadied below the 1269.00 (previous key low), trading within a narrow range during the earlier sessions. As such, the bullish scenario unchanged, targeting a bounce the longer the consolidation holds. At the time of writing, gold prices are trading at USD $1249.82 per oz. Tuesday.
Silver sandwiched between same consolidation
Silver continues to consolidate above the 19.35 support level and below the 20.13 key resistance level, trading within a tight range Tuesday. Given this range, bullish expectations are still valid – look to long dips towards the 19.35 level. At the current levels, the price of silver has now moved to USD $19.48 per oz. during US trading.
WTI bullish scenario intact amidst highs
WTI Crude Oil continues to grind higher, breaking to new highs, and thus we continuing with a bullish scenario – the 99.20 area is the next main upside target as long as 97.75 and 97.35 level are intact. In these moments, WTI crude oil is negotiating a price of USD $98.71/bbl Tuesday.