10 Jun 2013
Commodities Brief – Precious metals trade near intraday lows, gold eyes 1366 downside target
FXstreet.com (New York) - Commodity prices fell off during European trading Monday, following a tumultuous late-week collapse recently.
Gold trading off session lows
The consecutive attempts to breach the initial resistance around 1423.00-1424.00 regions have failed again, assisting bears to draw a long black candlestick pattern on Friday. Negative pressures from its 20 and 50-day may send the yellow metal lower this week; noting that a break below 1366.00 will bring panic sell-off actions mainly targeting 1330.00 boundaries followed by 1273.00. At the time of writing, gold has settled at USD $1378.25 per oz. Monday.
Silver finds resistance at former support
The white metal toppled during the latter stages of last week, forming a long black candlestick pattern on Friday. The closing was achieved negatively below the support-turned into resistance at the 22.20 level and below moving averages too. A retest of the above mentioned broken support might be seen before resuming the main downtrend this week, principally targeting the 20.25 zones whilst the 50-day SMA at 23.25 could be the ceiling for bears over upcoming sessions. At the current levels, the price of silver has now moved to USD $21.56 per oz. during European trading.
WTI upside resumes
Crude has resumed its sharp upside rebound after placing the significant low of 91.30, approaching the main resistance line connecting the movements from 98.20. The risk versus reward ratio becomes very high due to the sensitivity of the current trading levels. A break above 97.00 levels will bring additional upside actions but for now – presently, WTI crude oil is negotiating a price of USD $95.64/bbl.
Gold trading off session lows
The consecutive attempts to breach the initial resistance around 1423.00-1424.00 regions have failed again, assisting bears to draw a long black candlestick pattern on Friday. Negative pressures from its 20 and 50-day may send the yellow metal lower this week; noting that a break below 1366.00 will bring panic sell-off actions mainly targeting 1330.00 boundaries followed by 1273.00. At the time of writing, gold has settled at USD $1378.25 per oz. Monday.
Silver finds resistance at former support
The white metal toppled during the latter stages of last week, forming a long black candlestick pattern on Friday. The closing was achieved negatively below the support-turned into resistance at the 22.20 level and below moving averages too. A retest of the above mentioned broken support might be seen before resuming the main downtrend this week, principally targeting the 20.25 zones whilst the 50-day SMA at 23.25 could be the ceiling for bears over upcoming sessions. At the current levels, the price of silver has now moved to USD $21.56 per oz. during European trading.
WTI upside resumes
Crude has resumed its sharp upside rebound after placing the significant low of 91.30, approaching the main resistance line connecting the movements from 98.20. The risk versus reward ratio becomes very high due to the sensitivity of the current trading levels. A break above 97.00 levels will bring additional upside actions but for now – presently, WTI crude oil is negotiating a price of USD $95.64/bbl.