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14 May 2013
Commodities Brief – Precious metals bounce off intraday lows, crude testing 95.00
FXstreet.com (Barcelona) - The price of gold retreaded again after testing 1446.00 this morning during the overnight session, however a break below yesterday’s low at 1418.00 may trigger further sell-off. Despite the propensity of a risk-off movement engulfing the markets presently, the price of gold has dipped back down to settle at USD $1428.65 per oz., after bottoming out at the 1423 level (intraday low).
Silver supported by 23.21 level
The white metal is pushing towards the short-term support level at 23.25 (23.21 intraday minimum), a prolonged break below it shall signal further downside and probably a retest of the lows near 22.00. As such, the short-term outlook remains precariously bearish, and in these moments silver is trading at just USD $23.31 per oz. during US trading.
Crude testing 95.00
WTI crude oil is under heavy pressure again, currently testing 94.55 support level, that activated a bullish scenario. Holding above the 94.00 level is requisite for these expectations to remain intact – indeed, the price of crude is now operating at USD $94.91/bbl Tuesday.
Silver supported by 23.21 level
The white metal is pushing towards the short-term support level at 23.25 (23.21 intraday minimum), a prolonged break below it shall signal further downside and probably a retest of the lows near 22.00. As such, the short-term outlook remains precariously bearish, and in these moments silver is trading at just USD $23.31 per oz. during US trading.
Crude testing 95.00
WTI crude oil is under heavy pressure again, currently testing 94.55 support level, that activated a bullish scenario. Holding above the 94.00 level is requisite for these expectations to remain intact – indeed, the price of crude is now operating at USD $94.91/bbl Tuesday.