19 Jul 2013
Commodities Brief – Gold cannot overtake 1300 region, crude extends gains above 108.00
FXstreet.com (New York) - Precious metals continued to trade in a narrow consolidation but the standout performer this week continues to be crude oil, which broke above the 108.00 level.
Gold upside intact
Gold prices are pushing towards the 1300.00 resistance level again, where the daily chart above clearly illustrates the importance at this region, as it includes the main descending resistance and a key horizontal resistance. An eventual break above 1300.00 will target 1321.00 and 1338.00. To the downside 1268.00 is the key towards resuming a bearish trend. At the time of writing, gold prices are trading at USD $1293.60 per oz. Friday.
Silver could resume bullish scenario above 19.75
Silver spot prices were fluctuating around the 19.50 level, a break of which is required to move towards the 19.25 recent low and to confirm the continuation of the recent selloff. Alternatively, a break back above 19.75 could revive the bullish scenario. The price of silver has now moved to USD $19.43 per oz. during US trading.
WTI crude extends gains
WTI crude oil extended its gains again Friday, breaking to new highs after completing a minor pullback – accordingly – the bullish scenario continues to be favored. In these moments, WTI crude oil is negotiating a price of USD $108.25/bbl Friday.
Gold upside intact
Gold prices are pushing towards the 1300.00 resistance level again, where the daily chart above clearly illustrates the importance at this region, as it includes the main descending resistance and a key horizontal resistance. An eventual break above 1300.00 will target 1321.00 and 1338.00. To the downside 1268.00 is the key towards resuming a bearish trend. At the time of writing, gold prices are trading at USD $1293.60 per oz. Friday.
Silver could resume bullish scenario above 19.75
Silver spot prices were fluctuating around the 19.50 level, a break of which is required to move towards the 19.25 recent low and to confirm the continuation of the recent selloff. Alternatively, a break back above 19.75 could revive the bullish scenario. The price of silver has now moved to USD $19.43 per oz. during US trading.
WTI crude extends gains
WTI crude oil extended its gains again Friday, breaking to new highs after completing a minor pullback – accordingly – the bullish scenario continues to be favored. In these moments, WTI crude oil is negotiating a price of USD $108.25/bbl Friday.