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21 Jun 2013
Commodities Brief – Precious metals unable to rebound, gold below 1300.00 level
FXstreet.com (New York) - Commodities have been unable to orchestrate a bounce Friday, one day removed from staunch declines that took precious metals below numerous supports.
Gold falls below 1300 level
Gold prices extended the decline yesterday towards the 1275.00 level, which is the 127.1% extension level for the latest bullish wave – an upside correctional bounce seems likely, however the price has broken 1321.00 previous low, and rallies towards this level may provide new opportunities to short the metal. At the time of writing, gold prices has settled at USD $1292.80 per oz., stubbornly trading below the 1300.00 barrier.
Silver cannot overtake 20.00
Silver spot prices tested the 19.50 support level, before rangebounding this morning, ultimately approaching 20.00 level. Holding below the 20.00 mark and the previous low at 20.13 favors further downside and a continuation of the selloff. On the other hand, if price manages to move higher above 20.13 again, this may revive the chances of extended the bullish bounce. At the current levels, the price of silver has now moved to USD $19.83 per oz. Friday.
WTI bearishness favored in short-term
WTI Crude Oil resumed the strong bearish move after completing a retest of the broken ascending support around 97.05. The commodity resumed the bearish direction dipping below 95.00. and it appears more likely that the short-term bearish bias will persist today, and price may resume the move lower after completing a minor correctional bounce. In these moments, WTI crude oil is negotiating a price of USD $95.40/bbl Friday.
Gold falls below 1300 level
Gold prices extended the decline yesterday towards the 1275.00 level, which is the 127.1% extension level for the latest bullish wave – an upside correctional bounce seems likely, however the price has broken 1321.00 previous low, and rallies towards this level may provide new opportunities to short the metal. At the time of writing, gold prices has settled at USD $1292.80 per oz., stubbornly trading below the 1300.00 barrier.
Silver cannot overtake 20.00
Silver spot prices tested the 19.50 support level, before rangebounding this morning, ultimately approaching 20.00 level. Holding below the 20.00 mark and the previous low at 20.13 favors further downside and a continuation of the selloff. On the other hand, if price manages to move higher above 20.13 again, this may revive the chances of extended the bullish bounce. At the current levels, the price of silver has now moved to USD $19.83 per oz. Friday.
WTI bearishness favored in short-term
WTI Crude Oil resumed the strong bearish move after completing a retest of the broken ascending support around 97.05. The commodity resumed the bearish direction dipping below 95.00. and it appears more likely that the short-term bearish bias will persist today, and price may resume the move lower after completing a minor correctional bounce. In these moments, WTI crude oil is negotiating a price of USD $95.40/bbl Friday.