Precious metals facing bearish headwinds, crude rallies

FXstreet.com (New York) - Precious metals took a tumble Thursday, perhaps in anticipation of the NFP data tomorrow – crude however managed to surge higher.

Gold trading at 50-day SMA

Gold prices have settled in the middle of recent sideways consolidation, maintaining fluctuations around the 50-days SMA, holding above the main ascending support, while the bullish wave continues to be intact. At the time of writing, gold prices are trading at USD $1314.63 per oz. Thursday.

Silver breaks support

Silver is fluctuating below the broken ascending support and the minor descending resistance for the ongoing bearish wave. Accordingly, the bearish scenario remains valid. The price of silver has now moved to USD $19.70 per oz. during US trading.

WTI extends rally

WTI crude oil extended the rally back above 105.80 and then 106.35 invalidating the suggested bearish correctional scenario. The price has revered the bias to strongly bullish after holding back above 105.80 resistance, next upside targets at 107.45 and 108.80. In these moments, WTI crude oil is negotiating a price of USD $107.63/bbl Thursday.