1 Jul 2013
Commodities Brief – Precious metals eye bullish rallies, crude moves to resistance
FXstreet.com (New York) - Commodity prices have rallied across the board, despite an earlier uneven performance amongst precious metals.
Gold showing bullish divergence
Gold prices started the anticipated bullish rebound on Friday. After testing 1180.00 level, the price bounced to settle back above 1200.00 level. A bullish correctional rebound scenario is still likely on tap for this week, looking for a move towards 1300.00, as price has been excessively oversold, while Momentum indicators are showing bullish divergence. At the time of writing, gold prices are trading at USD $1237.78 per oz. Monday.
Silver looks to regain key 20.15 level
As suggested last week, silver has started a bullish correctional bounce, approaching 20.15 (key broken low and main resistance level), supported by the strong bullish divergences on momentum indicators. A break above the 20.15 level clears the way for further gains towards the main descending resistance and probably 22.00 major area. At the current levels, the price of silver has now moved to USD $19.53 per oz. during US trading.
WTI path to 99.00 in sights?
WTI Crude Oil maintained a short-term bullish wave that started from 92.70 level, where price retested 96.10 support level this morning. This bullish wave coalesced in the overall sideways market, eying another upside attempt towards the top of this sideways range this week, which looks to target the 97.65 level followed by 99.00. In these moments, WTI crude oil is negotiating a price of USD $97.70/bbl Monday.
Gold showing bullish divergence
Gold prices started the anticipated bullish rebound on Friday. After testing 1180.00 level, the price bounced to settle back above 1200.00 level. A bullish correctional rebound scenario is still likely on tap for this week, looking for a move towards 1300.00, as price has been excessively oversold, while Momentum indicators are showing bullish divergence. At the time of writing, gold prices are trading at USD $1237.78 per oz. Monday.
Silver looks to regain key 20.15 level
As suggested last week, silver has started a bullish correctional bounce, approaching 20.15 (key broken low and main resistance level), supported by the strong bullish divergences on momentum indicators. A break above the 20.15 level clears the way for further gains towards the main descending resistance and probably 22.00 major area. At the current levels, the price of silver has now moved to USD $19.53 per oz. during US trading.
WTI path to 99.00 in sights?
WTI Crude Oil maintained a short-term bullish wave that started from 92.70 level, where price retested 96.10 support level this morning. This bullish wave coalesced in the overall sideways market, eying another upside attempt towards the top of this sideways range this week, which looks to target the 97.65 level followed by 99.00. In these moments, WTI crude oil is negotiating a price of USD $97.70/bbl Monday.